Treasurer Cahill and Katherine Craven Present a $24 Million Check for the New Sherwood Middle School

June 4, 2010

State Treasurer Tim Cahill, Chairman of the Massachusetts School Building Authority (“MSBA”), and Katherine Craven, MSBA Executive Director, were in Shrewsbury today to present a $24,362,063 check to the town for the new Sherwood Middle School. The ceremonial check represents the maximum amount the MSBA has agreed to pay for the construction of the new school. The ceremony celebrates the partnership and collaborative effort between the MSBA and the town to bring the project to fruition.

“We found the most educationally appropriate and fiscally responsible solution to the problems at Sherwood Middle School,” said State Treasurer Tim Cahill.  “The new school will not only save taxpayers money and provide a modern, safe and sustainable learning environment for the children of Shrewsbury, but it will also create jobs in a sector of the economy that has suffered in these tough economic times.”
“The new Sherwood Middle School will mean a better learning and teaching environment for the children and teachers of Shrewsbury and is another example of the commitment, collaboration and the partnership the MSBA has with districts like Shrewsbury,” said Katherine Craven, MSBA Executive Director.
“I am very pleased to see this funding awarded to Shrewsbury,” said Sen. Michael Moore. “In the long run, this project will save the town money, address health and safety issues, and create a better learning facility for students preparing to compete in a 21st Century world. This is a wise investment in the future of our children and in the future of the town’s infrastructure.”
“This reimbursement from the MSBA for the construction of Sherwood Middle School highlights how state government and local communities can successfully work together  to improve the quality of life for Massachusetts residents, and specifically for our children,” said State Rep. Karyn Polito. “This project is a great asset to the town of Shrewsbury and to the health, safety and education of the young people who will attend Sherwood Middle School for generations to come.”

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