The MSBA Announces that Stoneham Middle School Will Launch a More Extensive Feasibility Study

June 13, 2011

The Massachusetts School Building Authority Announces that Stoneham Middle School Will Launch a More Extensive Feasibility Study

Stoneham had Previously Been in the Repair Category

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 has invited Stoneham Middle School to do a more extensive Feasibility Study than previously planned. The project is being moved from the MSBA’s repair category. Stoneham and the MSBA will now work in collaboration to study potential solutions to the problems identified in the district’s Statement of Interest.

“We are committed to working with Stoneham to find the most economical solution to the problems at the middle school so that the children of Stoneham can grow and learn in an educationally appropriate and safe facility,” said State Treasurer Steven Grossman.

“This Feasibility Study will examine potential solutions beyond a repair,” stated Katherine Craven, MSBA Executive Director. “The MSBA will work with Stoneham to better understand the issues at Stoneham Middle School, and we look forward to continuing our due diligence to determine what the best plan of action is moving forward.”

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.