Treasurer Grossman and the MSBA Announce Approval for a New Estabrook School
State Treasurer Steven Grossman, Chair of the Massachusetts School Building Authority (“MSBA”), and John K. McCarthy, MSBA Executive Director, today announced that the MSBA Board of Directors voted to approve funding for the Town of Lexington to enter into the Project Scope and Budget phase for the new construction of the Joseph Estabrook Elementary School. One of the next steps is for the Town 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 Town will receive its grant from the MSBA.
The new Estabrook Elementary School will be designed based on the Town and the MSBA mutually agreed upon enrollment of 540 students serving grades K–5. The Total Project Budget for the Estabrook Elementary School is $40,792,248, with an MSBA Estimated Maximum Total Facilities Grant of $12,250,739.
When completed, this project will provide more than 500 students in Kindergarten through 5th grade with an up-to-date, educationally appropriate facility,” Treasurer Grossman said. “The MSBA looks forward to continuing its collaboration with the Town of Lexington as this project moves forward.”
“The new Estabrook School will provide students with a cost effective, beautiful new space which will undoubtedly enhance and improve their ability to excel in the classroom,” said Executive Director McCarthy.
The MSBA works with local communities to identify school facility needs, develop fiscally responsible and educationally appropriate solutions, and create safe, sound, and sustainable learning environments. Since its 2004 creation, the MSBA has made more than $8.6 billion in timely payments 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.
