Treasurer Grossman and the MSBA Announces Approval for a New Bresnahan Elementary School
State Treasurer Steven Grossman, Chair of the Massachusetts School Building Authority (“MSBA”), and John K. McCarthy, MSBA Executive Director, today announced that the MSBA Board voted to approve funding for the City of Newburyport to enter into the Project Scope and Budget phase for the construction of a new Bresnahan Elementary School. One of the next steps is for City 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 City will receive its grant from the MSBA.
The Total Project Budget for the Bresnahan Elementary School is $38,818,204, with an MSBA Estimated Maximum Total Facilities Grant of $17,560,191. The Bresnahan Elementary School is being built as part of the MSBA’s Model School Program.
“I am pleased that Newburyport’s needs are a good fit for this program,” Treasurer Grossman said. “Our Model School Program has saved communities across the Commonwealth valuable time and money. By building Bresnahan Elementary as a Model School, Newburyport can take advantage of these savings while providing students with a learning environment that fully supports the District’s educational plan.”
“The new Bresnahan School will provide students with a cost effective, beautiful new space which will undoubtedly enhance and improve their ability to excel in the classroom,” said Executive Director McCarthy.
The MSBA works with local communities to identify school facility needs, develop fiscally responsible and educationally appropriate solutions, and create safe, sound, and sustainable learning environments. Since its 2004 creation, the MSBA has made more than $8.6 billion in timely payments 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.
