MSBA Announces $47 Million Approval for New North Reading Middle-High School

January 25, 2012

Massachusetts School Building Authority Announces $47 Million Approval for a New North Reading Middle-High School

MSBA Board votes to contribute up to $47,112,775 towards the new school

State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Jack McCarthy, MSBA Executive Director, today announced that the MSBA Board of Directors voted to approve funding for a new, integrated Middle-High School in the Town of North Reading. One of the next steps is for the Town of North Reading and the MSBA to enter into a Project Funding Agreement which will detail the project’s scope and budget and set forth the terms and conditions under which the District will receive its grant from the MSBA. 

The proposed project includes additions and renovations at the existing middle school to create a 136,410 square foot integrated Middle-High School that will serve an agreed-upon design enrollment of 775 students in grades 6-12. The MSBA will contribute up to 51.49% of eligible costs for a total grant of up to $47,112,775 towards the project.

“This $47 million in funding will fuel school construction that will directly benefit countless North Reading students,” said Treasurer Grossman.  “Through open channels of communication with town officials, we’ve been able to develop an efficient and affordable school building proposal that best meets the educational needs of the community and its children.”

“The new Middle-High School will provide students with a beautiful new space which will undoubtedly enhance and improve their ability to excel in the classroom,” stated Jack McCarthy, MSBA Executive Director. 

The MSBA strives to find the right-sized, most fiscally-responsible, and educationally-appropriate solutions to create safe and sound learning environments.  In its seven year history, the MSBA has made more than $8 billion in reimbursements to cities, towns, and regional school districts for school construction projects.  These timely payments have saved municipalities more than $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities in these difficult economic times.