Massachusetts School Building Authority Announces $21 Million Approval for Addition/Renovation at the Central Elementary School
MSBA Board votes to contribute up to $21,235,592 for the addition/renovation at the 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 an addition and renovation project at the Central Elementary School in the Town of Stoneham. One of the next steps is for the Town of Stoneham 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 will replace the existing Middle School and includes the re-districting of the Pre-Kindergarten through 4th grade students currently housed at the Central Elementary School, demolition of the existing Middle School, and an addition and renovation project at the Central Elementary School. The proposed project will serve an agreed-upon design enrollment of 775 students in grades 5-8. The MSBA will be contributing up to 57.50% of eligible costs for a total grant of up to $21,235,592 towards the project.
“This $21 million in funding will fuel school construction that will directly benefit countless Stoneham 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 addition and renovation project will undoubtedly enhance and improve the student’s ability to excel in the classroom while allowing more efficient use of the existing school facilities,” 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.
