The university said its planning remains flexible and would be subject to change in response to the coronavirus pandemic's trajectory, "if necessary."
"We take these next steps with purpose and conviction, knowing that addressing these critical issues and creating positive change will require our collective persistence and focus."
Penn State President Eric Barron plans to retire at the end of his current contract in June 2022.
"I will be voting against the resolution for the Lasch Building," Trustee Paterno said. "My former boss use to say, 'football is here to serve the university, not the other way around.'"
No tuition dollars or general funds are financing the proposed upgrades.
For the fifth year in a row, Penn State's online degree programs received national recognition.