MSBA Announces $29.4 Million Approval for the New Park Avenue Elementary School

June 6, 2012

The MSBA board approved the schematic designs

State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Jack McCarthy, MSBA Executive Director, today announced that the MSBA Board voted to approve the schematic design and funding for the new Park Avenue Elementary School in the Town of Webster.  One of the next steps is for the District 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 proposed project would replace the 50-year-old Park Avenue School with a new 109,000 square-foot building near the same site. The estimated total budget for the Park Avenue School project is $46,800,000. The estimated MSBA total facilities grant is $29,404,266.

“This project will not only create a top-notch learning facility, but it will also create well-paying, highly skilled jobs, which are vitally important in the current economy,” said Treasurer Grossman.

“This new Park Avenue School will mean a better learning and teaching environment for Webster’s students and teachers,” said Executive Director McCarthy. “It’s another example of the commitment, collaboration, and the partnership between the MSBA and local school districts.”

The MSBA partners with Massachusetts communities to support the design and construction of educationally-appropriate, flexible, sustainable, and cost-effective public school facilities. Since its inception, the Authority has made $8.7 billion in reimbursements 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