The Dell Foundation promised Tuesday to match donations, dollar for dollar, up to $25 millions for the Seton Healthcare Family’s teaching hospital to help cover the remaining costs.

The hospital will be located next to the under-construction Dell Medical School, to which the Foundation donated $50 million in 2013. The 211-bed teaching hospital is slated to open in 2017 and will cost an estimated $295 million. 

The new hospital will work in affiliation with the medical school, according to a legal agreement between UT, the UT System Board of Regents and Seton Healthcare Family. 

“UT Austin and Seton will also work to expand the healthcare infrastructure, workforce, and services available to all residents of Central Texas,” the agreement states.

Sen. Kirk Watson (D-Austin) released a statement shortly after the announcement in support of the donation.

“Our community’s goal of transforming health care in Austin and beyond requires a modern, 21st century teaching hospital,” Watson said. “This generous donation from the Dell Foundation helps us reach that goal.”

Watson said the hospital and the medical school are vital to completing his “10 Goals in 10 Years” plan to improve health care in Central Texas.

“We’re well on our way to accomplishing the 10 goals in 10 years that I laid out in 2011, and the Dell Foundation has proved an invaluable partner,” Watson said. “It’s exciting to see this much momentum and progress.”