The University of Texas at Austin hopes to enroll its first class of medical students on its campus by 2016 with the help of a $50 million gift from the Michael & Susan Dell Foundation.

The Dell Foundation announced on Wednesday a $50 million commitment to establish the Dell Medical School at UT-Austin. The foundation has promised to donate another $10 million to Austin and Travis County community health quality and access programs over the next 10 years.

"This gift truly saves lives," said Francisco Cigarroa, UT System Chancellor, who is also a transplant surgeon. "Investments in medical education, biomedical research and health care touch all citizens."

In November, Travis County voters approved a property-tax increase that included a plan to build a research-based medical school on UT-Austin's campus.

The Dell Medical School is scheduled to enroll its first class of 50 students in 2016, according to a news release.

"UT is a world class university, an the medical school will be able to attract top talent, advance medical research and practices and improve family health for generations to come," said Susan Dell, co-founder and board chair of the foundation."