BANGOR, Maine (NEWS CENTER) – On Friday, Husson University's Bangor campus received a $4 million grant from the Harold Alfond Foundation.

The grant is the largest gift ever made to the university during its 119-year history.

The money will go toward the construction of a new state-of-the-art college of business school building.

“We’re very, very excited,” said John Rohman, Vice Chair on the board of trustees. “That generosity is really needed.”

He said Husson University’s college of business is the best in the state and by putting the facilities in one building, it will allow growth for not only the school but for the whole state.

“The entire process for learning has changed,” he said.

Greg Powell, the chairman of the Harold Alfond Foundation announced the challenge grant in front of hundreds of students and faculty members.

After the initial $4 million grant, for every two dollars that the university raises, the Alfond foundation will donate another dollar until a total of $12 million is reached.

The president of the university said the building is expected to be finished by 2021 and will cost nearly $16 million to complete.

Powell and university staff hopes this new building will encourage Maine students to stay in state during and after their college years, while also attracting more students and skilled workers to Maine.