The Massachusetts School Building Authority Announces $14 Million Approval for a New Center Elementary School in Hopkinton
The MSBA will contribute up to $14,883,693 for the new school
BOSTON, MA – State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Katherine Craven, MSBA Executive Director, today announced that the MSBA Board voted to approve funding for the construction of a new Center Elementary School in Hopkinton The next step in the process is for Hopkinton 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 total budget to replace the existing kindergarten and first grade facility with a new Pre-K through fifth grade school on Fruit Street is $38,508,088 with the MSBA funding up to 44.7% of eligible project costs. When the school is finished it will serve approximately 540 students.
“This is a great day for Hopkinton, the students of Center Elementary and the MSBA. I am pleased that the MSBA Board approved this grant of $14 million. We have worked together long and hard and now we have plans for an efficient, sustainable and affordable new Center Elementary that will save not only local taxpayers but also taxpayers state-wide,” said State Treasurer Steven Grossman.
“We still have to work out some details, but the MSBA is prepared to reimburse up to $14 million for a new Center Elementary School,” stated Katherine Craven, MSBA Executive Director.
“Providing our children with the most up-to-date facilities is crucial to fostering their learning and growth,” stated Senator Karen Spilka. “I am thrilled for the town of Hopkinton -- and its children -- to be moving forward on a new Center Elementary School.”
“I am pleased that MSBA will be supporting Hopkinton’s request for funding for the Fruit Street school project,” said Rep. Carolyn Dykema. “Hopkinton has always made education a top priority and I’m very glad the state will be an active partner in meeting the needs of the next generation.”
The MSBA strives to find the right-sized, most fiscally responsible and educationally appropriate solutions to create safe and sound learning environments. In its six year history, the MSBA has made $7.4 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 in these difficult economic times.
