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.
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.