$36 Million Approval for Dracut Senior High School

February 9, 2011

The Massachusetts School Building Authority Announces $36 Million Approval for Dracut Senior High School
The MSBA will contribute up to $36,499,334 for the addition/renovation project

BOSTON, MA – State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Katherine Craven, MSBA Executive Director, today announced that the MSBA Board voted to approve funding for the addition and renovation project at Dracut Senior High School. The next step in the process is for Dracut 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 total budget for this project is $60 million with the MSBA funding up to 62.5% of eligible project costs. When the school is finished it will serve approximately 1,160 students.

“This is a great day for the Dracut, the students of the high school and the MSBA. I am pleased that the MSBA Board approved this grant of $36 million. We have worked together long and hard and now we have plans for an efficient, sustainable, affordable and improved Dracut Senior High School that will save not only local taxpayers but also taxpayers state-wide,” said State Treasurer Steven Grossman.

“We still have to work out some details, but the MSBA is prepared to reimburse up to $36.4 million for a new Dracut Senior High School,” stated Katherine Craven, MSBA Executive Director.

"As a graduate of Dracut High School, I am very proud that the State has committed to this substantial funding of the proposed renovation project for our high school," said State Rep. Colleen Garry. "The revamping of the Massachusetts School Building funding into the current Massachusetts School Building Authority ensures the timely payment of these funds to our community."

The MSBA strives to find the right-sized, most fiscally responsible and educationally appropriate solutions to create safe and sound learning environments. The MSBA is committed to protecting the taxpayer’s dollar by improving the school building grant process and avoiding the mistakes of the past in the funding and construction of school facilities. In its six year history, the MSBA has made $7.4 billion in reimbursements to cities, towns and regional school districts 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 in these difficult economic times.