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 Penn Brook Elementary School in Georgetown. The project would replace the existing school with a new facility on the same site serving 770 students from Kindergarten through grade 6. The MSBA’s approval of this project is contingent on the Town securing local authorization and funding to conduct a Feasibility Study to study potential solutions to the deficiencies associated with the Georgetown Middle/High School.
The next step is for the District and the MSBA to enter into a Project Funding Agreement (“PFA”), which will detail the project’s scope and budget and set forth the terms and conditions for the MSBA grant. The District is currently authorized to receive MSBA reimbursement for 54.76% of eligible project expenses with a Maximum Total Facilities Grant of $20,348,437.
“The plans for this project are the direct result of a collaborative partnership forged by Georgetown officials and the MSBA,” said Treasurer Grossman. “We look forward to delivering an efficient, sustainable and cost-effective facility that will maximize local and state taxpayer resources while providing a top-notch environment in which students can learn effectively.”
As part of the Board’s approval of the Penn Brook project, Georgetown Middle/High School was also invited into the MSBA’s Eligibility Period. During the Eligibility Period, the District must complete certain preliminary requirements to the satisfaction of the MSBA, including the obtainment of local authorization and funding to conduct a Feasibility Study for potential repairs at Georgetown Middle/High School.
“The MSBA is delighted to be taking part in this project,” said Executive Director McCarthy. “We look forward to partnering with Georgetown in exploring the needs of the District.”
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 inception, the Authority has made $9 billion in reimbursements for school construction projects. These timely payments have saved municipalities over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities.
