MSBA's Craven Helps Cut Ribbon for New Paul Revere Elementary School

September 14, 2010

BOSTON – The Massachusetts School Building Authority’s Executive Director Katherine Craven helped cut the ribbon on the new 57,500 square foot Paul Revere Elementary School today. The total cost of the
school, which serves kindergarten through fifth grade, is $17,409,000 with the MSBA contributing up to $9,677,250 in the form of a grant and a $5.9 million low-interest loan.

The Paul Revere Elementary School was one of the 428 projects that the MSBA inherited from the former school building assistance program when State Treasurer Tim Cahill and the Legislature created the MSBA in 2004.

The City of Revere took advantage of one of the MSBA’s innovative reforms: the Pro-Pay System. Revere was reimbursed for eligible project costs as the school was built. After a community enters into a Project Funding Agreement with the MSBA, they submit invoices to the MSBA.

The MSBA then audits and reimburses the district for eligible project costs within 15 days. This can save communities millions of dollars in avoided local interest costs.

“I am honored to help cut the ribbon for the new Paul Revere Elementary,” said Katherine Craven. “This new school is a modern and efficient facility that encourages student learning and will provide long-term energy savings for the city’s taxpayers.”

“The new Paul Revere Elementary has already opened for its inaugural academic year and its students are enjoying the benefits of a 21st century education facility while Revere taxpayers have benefited from our programmatic and financial reforms,” stated State Treasurer Tim Cahill.

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 schools.

The MSBA reformed the Commonwealth’s formerly rampant and unsustainable program, which was more than $11 billion in debt. The MSBA has made more than $7.2 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.