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 to replace the Glover Elementary School. The next step in the process is for Marblehead 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 Glover Elementary School will be 79,108 square feet and will be built on the existing site. The school will combine the student population of both Glover Elementary and Eveleth Schools and will serve 425 students from kindergarten through third grade. The total budget for the project is $25 million with the MSBA contributing 40% of eligible costs for a total grant of $10 million.
“This is a great day for Marblehead, the elementary school students and the MSBA. I am pleased that the MSBA Board approved this grant of $10 million. We have worked together long and hard and now we have plans for a new efficient, sustainable and affordable Glover Elementary that will save not only local taxpayers but also taxpayers state-wide,” said State Treasurer Steven Grossman.
“The new Glover will address facility deficiencies as well as eliminate overcrowding, allowing the teachers to better deliver their educational program,” stated Katherine Craven, MSBA Executive Director.
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 $7.5 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.
