The MSBA Announces that High School and Sea Lab in New Bedford Will Enter the Feasibility Study Phase

June 13, 2011

The Massachusetts School Building Authority Announces that Two Schools in New Bedford Will Enter the Feasibility Study Phase

New Bedford High School and the Sea Lab will be Studied

BOSTON, MA – State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”) and Katherine Craven, MSBA Executive Director, announced today that the MSBA Board voted to move New Bedford High School and the Sea Lab into the MSBA’s Capital Pipeline for potential funding.

“Exploring these two potential projects under the MSBA’s diligent oversight will ensure that the most educationally appropriate and cost effective solutions to the challenges at New Bedford High School and the Sea Lab are identified and realized,” said State Treasurer Steven Grossman.

“Since 2005 the MSBA has leveraged a $172 million investment into $200 million worth of renovations and new school construction in New Bedford,” said Executive Director Katherine Craven. “This represents the largest upgrade to the city’s school facilities in over 30 years. Moving forward, these two potential projects will be developed under the new program’s reformed procedures and policies that have cut down on waste and saved valuable taxpayer dollars.”

The MSBA strives to find the right-sized, most fiscally responsible, and educationally appropriate solutions to create safe and sound learning environments. It is committed to protecting taxpayers’ dollars by improving the school building grant process and avoiding the costly mistakes of the past in the funding and construction of schools. The MSBA reformed the Commonwealth’s formerly rampant and unsustainable school building program, which was more than $11 billion in debt.

Since its inception in 2004, the Authority has made $7.6 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.