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Portland State University is closer to beginning a large renovation of its athletic center on the South Park Blocks.

The university on Tuesday announced it has received a $5 million donation from a private individual who prefers to remain anonymous. The money has been earmarked for the renovation of the Peter W. Stott Center, a $44 million project that will transform the existing 50-year-old, maintenance-intensive building into a light-filled, mixed-use facility called Viking Pavilion.

The $5 million gift adds to a banner year of fundraising for the university. According to PSU, charitable contributions have increased 12 percent over the past year to $19.7 million, a 37 percent increase from fall 2010. PSU is also requesting $24 million in state bonds to fund the renovation project.

The Viking Pavilion would host stage event seating for 5,500 people, banquet seating for 1,100 people and 55,000 square feet of exhibit space. According to PSU, the pavilion would give the university the ability to host 140 public events each year, which would attract more than 330,000 people to downtown Portland and generate more than $7.5 million in event-related spending.

The pavilion would also have basketball arena seating for 4,800 people compared to the 1,500 seats that are available currently.