The Illinois Institute of Technology has received a $150 million gift from a group of prominent city leaders, the school announced Friday.

The money, the largest “combined” gift in the institution’s history, is expected to be used to fund scholarships and the building of new campus facilities, administrators said.

“This landmark combined gift is a profound investment in our continued role as Chicago’s tech university,” Illinois Tech President Alan W. Cramb said in a statement. “This significant commitment will not only fuel Illinois Tech’s central contribution to Chicago’s tech rise, but it will do so by building on our university’s founding mission to provide unmatched opportunity and value to all young people in Chicago.”

The donors, nine in total, include Craig J. and Janet Duchossois, Michael P. and Elizabeth Galvin, and John W. and Jeanne Rowe, according to the institution.

“Illinois Tech was founded to provide all students, particularly first-generation college students, with unparalleled opportunity for upward economic mobility,” John Rowe, a university regent, said in a statement. “Jeanne and I are proud to help the university continue to meet that special and unique mission, allowing it to be a vehicle for positive change across our city and throughout the world.”