A new honor for the late, famed Philly philanthropist and businessman Lewis Katz was announced by Temple University Tuesday.

Katz, a '63 Temple alum and member of the university's board of trustees, had planned a $25 million gift to Temple "prior to Katz’s untimely passing in May 2014," the school said. "His contribution is the largest single donation in Temple’s history."

Related link: Philadelphia Inquirer co-owner Lewis Katz dies in plane crash

The Lewis Katz School of Medicine will be commemorated Tuesday in an invitation-only ceremony, Temple said.

A portrait of Katz by artist Francesco Mernini was dedicated and will hang in the medical school's lobby.

Related link: 'Chaos' feared at Philly papers after co-owner's death

Katz died when his private plane crashed in May 2014 just days after he and partner Gerry Lenfest purchased the company that owns the Philadelphia Inquirer, Daily News and Philly.com.

Katz' favorite quote will be added to the Dean's conference room wall, by UCLA basketball coach John Wooden: “You can’t live a perfect day unless you do something for someone who will never be able to repay you.”

For more information about the Katz Medical School, visit temple.edu/medicine/katz/.