Treasurer Cahill and the MSBA Present a $41 Million Check for Danvers High School

June 18, 2010

BOSTON, MA – State Treasurer Tim Cahill, Chairman of the Massachusetts School Building Authority (“MSBA”), and Katherine Craven, MSBA Executive Director, were in Danvers today to present a $41,910,938 check to the town for the addition/renovation project at Danvers High School. The ceremonial check represents the maximum amount the MSBA has agreed to pay for the project. The ceremony celebrates the partnership and collaborative effort between the MSBA and the town to bring the project to fruition.

“I am pleased to present this check for the addition and renovation project at Danvers High School,” Treasurer Cahill said. “The MSBA’s Pro-Pay reimbursement system will save Danvers approximately $18 million in avoided local interest costs. That’s about $2,000 per taxpayer.”
“This project at Danvers High School will result in a better learning and teaching environment for the students and teachers of Danvers and is another example of the commitment, collaboration and the partnership the MSBA has with districts like Danvers,” said Katherine Craven, MSBA Executive Director.
“I am delighted with this grant announcement.  Thank you to Katherine Craven and the MSBA for their investment in the Town of Danvers.  This grant will allow the Town of Danvers to complete its high school renovation project, and, in doing so, create a healthy learning environment that allows students to thrive,” said Sen. Frederick Berry.
“Tim Cahill’s proposal to forward fund the construction of our public schools will save Danvers millions of dollars in interest payments and insure that our children will be attending a state of the art high school for many years,” said State Representative Ted Speliotis.

The MSBA is collaborating with municipalities to equitably invest $2.5 billion in schools across the Commonwealth by finding the right-sized, most fiscally responsible and educationally appropriate solutions to create safe and sound learning environments. The MSBA has reformed the Commonwealth’s formerly rampant and unsustainable program, which had accumulated $11 billion in debt. In 2007, as a result of programmatic reforms and sound fiscal management, the MSBA was able to reopen a sustainable, reformed grant program. In its five year history, the MSBA has made approximately $7 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 municipalities in these difficult economic times.