State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and MSBA Executive Director Jack McCarthy announced today that the MSBA Board of Director’s voted to invite the Cabot Elementary School into the MSBA’s Eligibility Period.
“I’m delighted that the Board has voted the Cabot Elementary School into the Eligibility Period,” said Treasurer Grossman. “We look forward to working collaboratively with Newton officials to develop the best solution to meet the town’s educational needs in a fiscally responsible manner.”
During the 270-day Eligibility Period, the MSBA will work with Newton to determine the district’s financial and community readiness to enter the capital pipeline. The next step is for the district to complete preliminary requirements pertaining to local approval and formation of a local school building committee. Upon timely and successful completion of the Eligibility Period requirements, the district becomes eligible for an invitation into the Feasibility Study phase of the capital pipeline, subject to a vote of the Board of Directors.
“We are thrilled to be working with MSBA on Cabot Elementary School,” Newton Mayor Setti Warren said. “We look forward to working with MSBA staff to move forward on this critical project, which will benefit generations of students in Newton and our entire community.”
“The Eligibility Period is a critical step in the MSBA’s process of evaluating potential work on the Cabot Elementary School,” stated Executive Director McCarthy. “We look forward to our continued partnership with the district as it enters the Eligibility Period.”
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 2004 inception, the Authority has made over $10.1 billion in reimbursements for education capital improvement projects. These timely payments have saved districts over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities.
