WATERVILLE (AP) — Colby College officials and the Harold Alfond Foundation have announced they plan to inject $20 million into projects to spur investments in downtown Waterville.

The Morning Sentinel (http://bit.ly/2eQKaYv ) reported that officials announced Tuesday the Alfond Foundation is pledging a $10 million grant toward a special fund for revitalization, matching the school’s $10 million investment.

Colby President David Greene says the $20 million represents the beginning of significant investments downtown that will cost “tens of millions of dollars more than that.”

Colby has bought five vacant downtown buildings with plans to create retail businesses, offices and a boutique hotel.

The school also plans to build a new dormitory and create an entire program around students living in the dormitory and taking part in civic engagement and community service.

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