WATERVILLE, Maine (NEWS CENTER) — People in Waterville celebrated another boost to their city’s revitalization efforts Tuesday night.

The Harold Alfond Foundation and Colby College announced the $20 million joint gift inside a tent on Common Street to many cheers.

The money will start a "downtown fund" to further projects aimed at developing buildings and spaces downtown to be an economic boom for the city.

Several of the projects are already underway, including the development of a hotel and student residence on Main Street.

"We are so blessed as a community, and I look forward to continuing to work with our partners and make sure that we see this through and get the most out of it that we can,” Waterville Mayor Nick Isgro said.

Former Senate majority leader and Waterville native George Mitchell spoke at Tuesday night’s event. Mitchell touted Colby College’s role in the future success of the city.

"This is a city like many cities in Maine that were built up on the mills — both paper mills and textile mills — and those mills in Waterville are gone and they're not coming back," Greene said. "So having a new economy here a high-tech economy is going to be really critical."

The Alfond Foundation has made numerous contributions to the city over the years.

Greene said this joint effort is just the start of investments into the downtown.