University Park, Pa. — The University Board of Trustees today (Sept. 17) authorized Penn State to lease 1.8 acres of land to Mount Nittany Medical Center in State College for the purpose of adding parking spaces at the medical center to accommodate expansion of it cancer center. Mount Nittany Medical Center is a partner of Penn State Hershey Cancer Institute. The 1.8 acres is adjacent to the southeast corner of the medical center’s property.
In consideration of the University agreeing to lease the parcel, Mount Nittany Medical Center has arranged to lease 1 acre of land it owns, which is adjacent to University property. When combined with property the University already owns, it will be used for possible future construction of additional medical office and services facilities on the Mount Nittany medical campus.
The terms of both leases are for 60 years with the property being used for their intended purposes at a total consideration of $1.
"This agreement is one more example of the collaborative relationship that exists between Penn State and Mount Nittany Medical Center," said Al Horvath, senior vice president for finance and business/treasurer. "The result is mutually beneficial to both parties and the proposed developments are consistent with the Master Plan for the Medical Campus previously approved by College Township in November 2009."