Lowell Observatory, with substantial financial support from Discovery Communications, Inc., is building a modern 4.2-meter telescope at a new site 40 miles SSE of Flagstaff, Arizona. When finished, the DCT will be the fifth largest telescope in the continental United States. The project is advancing rapidly and has achieved a number of important milestones, including completion of the meniscus ULE primary mirror blank by Corning, receipt of a special use permit for the telescope site from the U.S. Forest Service, and completion of much of the site infrastructure. The telescope design provides uncommon versatility. At prime focus, a well-corrected 2-degree-diameter field is available for imaging and other applications. The telescope can alternatively be converted to a Ritchey-Chrétien configuration with the beam delivered either to Cassegrain or Nasmyth foci. In this talk, I will summarize the characteristics of the site, the telescope and telescope enclosure designs, and the motivation for the new facility. The scientific objectives of the telescope are many. As an example, I will discuss the application of the DCT to study of the Centaurs, the Kuiper Belt, and the inner Oort Cloud. Lowell and Discovery Communications are seeking a university partner in the project. The potential benefits and guiding organizational parameters of such a partnership will be discussed.