Judy Genshaft had already announced she and her family are donating $20 million to the University of South Florida to build a new honors college.

On Saturday, at her retirement gala, the outgoing university president upped the ante.

Genshaft announced she and her family would give an additional $3 million to endow the deanship of the new honors college which will be called the Judy Genshaft Honors College at USF.

"We want to ensure that the leadership of the honors college has the ultimate support to be the national role model," Genshaft said in a brief speech at the Tampa Marriott Waterside Hotel. "This will make USF one of the few, if not the only institution in the country with an endowed honors college deanship."

Genshaft made the announcement with her husband, Steve Greenbaum.

USF also announced at the ceremony that it would rename a street on its Tampa campus after Genshaft. USF Maple Drive, which runs near the site of the future honors college, will be renamed USF Genshaft Drive, a university spokesman confirmed.

The initial $20 million gift from Genshaft will go toward the construction of the proposed $47 million honors college building.

Genshaft, 71, served for 19 years as USF's president. Over that time, she became one of the highest-paid university presidents in the country, taking in over $1 million per year in salary and benefits.

She comes from a family that gained significant wealth in the meat packing industry. Genshaft sits on the board of directors of her family's company, Fresh Mark.

On July 1, Steve Currall will take the reins from Genshaft as USF's next president.

Times staff writer Megan Reeves contributed to this report.

Contact Kirby Wilson at kwilson@tampabay.com or (727) 893-8793. Follow @kirbywtweets.