Update, May 5:

The full Penn State Board of Trustees approved plans to begin phase one of renovations on Beaver Stadium.

“The current proposed Beaver Stadium renovation will extend the life of the existing facility, generate new revenue, and greatly improve the quality of the fan experience,” Penn State Senior Vice President for Finance and Business Sara Thorndike said on Friday. “As envisioned, the Beaver Stadium renovation will align Penn State football facilities and operations with the highest competitive level within the Power Five and Big Ten.”

The board also approved a handful of other renovations including updates to Jeffrey Field, the East Area Locker Room, the Greenberg Indoor Sports Center, the creation of an indoor practice bubble, and the beginning of the second phase of the Lasch Building’s renovations.

Original Story:

At its committee meeting Thursday afternoon, the Penn State Board of Trustees Committee on Finance, Business, and Capital Planning voted in approval of a $70 million investment toward the completion of the first phase of a renovation of Beaver Stadium.

The full Board of Trustees will vote on the expenditure at its meeting at 1 p.m. on Friday, May 5, at the Engineering Design and Innovation Building.

Student-athlete focused facility projects advanced by board committee.

: https://t.co/SR8lgsBkL0#WeAre pic.twitter.com/rZLE7K4D3N

— Penn State Athletics (@GoPSUsports) May 4, 2023

“After years of studies and careful analysis, I’m happy that these much-needed renovations to Beaver Stadium are about to get underway,” Penn State President Neeli Bendapudi said in a release. “I am committed to continuing to grow our Intercollegiate Athletics program and to keeping Penn State competitive on the national stage.”

The full renovation, which would last around four years and cost an estimated $700 million, will include maintenance projects, winterizing, and architectural and design development.

The first phase, however, is anticipated to last over the next year and will feature structural maintenance, improvement of lighting, and further improve crowd traffic control and safety and security measures.

Additionally, the winterization updates, planned to be completed in the project’s first phase, will allow Beaver Stadium to host a College Football Playoff game, among other events, beginning in 2024.

No tuition money or budget funds intended for the university will be used toward the renovations, and Penn State Intercollegiate Athletics will fully fund the project.

Intercollegiate Athletics will host a bond sale in June to begin raising money for the initial $70 million cost of phase one of the renovation. Additional fundraising, concessions, naming opportunities, sponsorships, and more will be held in order to gather funds.

“As a self-sustaining department — meaning its generated revenues are equal to or more than its operational costs — Intercollegiate Athletics is fiscally sound and will generate the revenue to pay for this project and more,” said Penn State Senior Vice President for Finance and Business Sara Thorndike. “When the renovation is complete, the return on investment will be significant, bringing in additional financial resources to Intercollegiate Athletics.”

Bendapudi originally announced Penn State’s plan to renovate Beaver Stadium at the Board of Trustees’ February meeting.