State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and MSBA Executive Director Jack McCarthy today announced that the MSBA Board of Directors voted to approve funding to build a new William McKinley Elementary School in Revere. One of the next steps is for Revere and the MSBA to enter into a Project Funding Agreement, which will detail the project’s scope and budget, along with the conditions under which the City will receive its MSBA grant.
“This is a down payment on the academic excellence of McKinley students,” said Grossman. “Upon completion, this new school will provide a modern learning environment and create the space needed to deliver on the school district’s educational commitments and goals.”
The new McKinley Elementary School will be built based on a design enrollment of 690 students from pre-Kindergarten through 5th grade. The MSBA will be contributing 80% of eligible costs for a total grant of up to $29,551,048. The current school was built in 1905 and suffers from deficiencies in major building systems, including roof, mechanical, electrical and plumbing.
“The new McKinley Elementary School will replace a century-old school with an up-to-date, 21st century learning facility,” stated Executive Director McCarthy. “Students will soon have a beautiful new space which will undoubtedly enhance and improve their ability to excel in the classroom.”
The MSBA partners with Massachusetts communities to support the design and construction of educationally-appropriate, flexible, sustainable and cost-effective public school facilities. Since its creation, the MSBA has made more than $9.5 billion in timely payments to cities, towns and regional school districts for school construction projects. These payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities.
