The world's second-largest radio telescope, Puerto Rico's iconic Arecibo Observatory, has been saved from demolition despite damage incurred during Hurricane Maria.

The National Science Foundation announced Wednesday that it signed a Record of Decisions enabling the agency to continue to fund the telescope made famous for its place in the search for extraterrestrial aliens. The agency said it also plans to "collaborate with interested parties to maintain science-focused operations at the observatory with reduced agency funding," according to a statement.

"This plan will allow important research to continue while accommodating the agency's budgetary constraints and its core mission to support cutting-edge science and education," the NSF said in the announcement.

The agency noted that it remains "deeply concerned about the impacts from recent hurricanes on Arecibo Observatory staff, the facility and all citizens of Puerto Rico."

"The Record of Decision arrives at a challenging time, but is necessary for the agency to secure a future for the observatory," the agency added.

According to the Washington Post, the NSF owns the observatory and has been responsible for about two-thirds of its $12 million budget. In recent years, it has been mulling over whether to close the facility or downgrade.

(MORE: Scientists Solve the Mystery of Why Pluto's Weather Is Unpredictably Cold)

The observatory, which is important to the U.S. territory as a tourist draw and for area resident employment, was damaged by Hurricane Maria and remains without power. James Ulvestad, acting assistant director for the NSF's mathematical and physical sciences directorate, told the Post the facility sustained between $4 million and $8 million in damage from the hurricane, which further reduced the likelihood that the observatory could remain open.

Instead, the agency decided to keep the facility open but reduce its funding from about $8.2 million to $2 million over the next five years.

The news that AO would remain open was met with joy from scientists the world over.

Built deep in Puerto Rico's jungle in the 1960s, the observatory has become a recognizable icon in popular culture, serving as a location in both the James Bond film GoldenEye and the Jodie Foster film Contact.

The observatory's scientific accomplishments are extensive. It was the first radio telescope to provide evidence for gravitational waves and the first to spot planets orbiting a star other than the sun. More famously, perhaps, it sent the first message to the heavens as part of the Search for Extraterrestrial Intelligence, better known as SETI.