MSBA Approves $50M for Repairs at Greater Lowell Technical High School

October 3, 2012

State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Jack McCarthy, MSBA Executive Director, announced today that the MSBA Board of Directors voted to approve funding for major repairs at Greater Lowell Technical High School. The District is authorized to receive MSBA reimbursement for 76.84% of eligible project expenses with a maximum Total Facilities Grant of $50,088,316.

“The plans for this project are the direct result of a collaborative partnership forged by Greater Lowell officials and the MSBA,” said Treasurer Grossman. “We look forward to delivering an efficient, sustainable and costeffective facility that will maximize local and state taxpayer resources while providing a top-notch environment in which students can learn effectively.”

The project would renovate major building systems including electrical, plumbing, roof, and windows. Increases to cafeteria space would also be made. 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 under which the District will receive its grant from the MSBA.

“The repairs at Greater Lowell will remedy facility deficiencies so that students will have a top-notch 21st century learning facility,” Executive Director McCarthy said. “This project will enhance students’ ability to excel in the classroom.”

The MSBA partners with Massachusetts communities to support the design and construction of educationallyappropriate, 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.