COLUMBUS, Ohio (AP) — Ohio State University moved ahead Friday with what’s believed to be the country’s biggest privately operated university parking system in a move the school says will raise billions for everything from more faculty members to extra student financial aid over the next 50 years.

The university’s $483 million contract with an Australian company and a U.S. partner comes with a guarantee that caps annual parking rate increases at 5.5 percent for the contract’s first 10 years. After that, increases fall to the lower of either 4 percent or the rate of inflation.