COLUMBUS, Ohio (AP) — Ohio State University announced plans Friday to lease school parking operations for $483 million to an Australian company over a 50-year contract the university says will raise billions in investment earnings to support its academic programs.

The recommendation to lease the parking operations to Queensland, Australia-based QIC Global Infrastructure goes before university trustees later this month. The university would maintain ownership of its parking garages and spaces, which total more than 35,000 spaces. The company’s U.S. partner in the deal would be Hartford, Conn.-based LAZ Parking.