State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and Jack McCarthy, MSBA Executive Director, today announced that the MSBA Board of Directors voted to approve funding for additions and renovations at Greater New Bedford Regional Vocational Technical High School. The District is authorized to receive MSBA reimbursement for 80% of eligible project expenses with a maximum Total Facilities Grant of $13,543,920.
“This is a great day for the Greater New Bedford community, for students of this high school, and for the MSBA,” Treasurer Grossman said. “Our successful collaboration with the District has resulted in plans for an efficient, sustainable, and affordable school that will benefit thousands of area students for years to come.”
The project would renovate the building’s electrical and plumbing systems and would also address overcrowding issues. The next step is for the District and the MSBA to enter into a Project Funding Agreement (“PFA”), which will detail the project’s scope and budget and set forth the terms and conditions for the MSBA grant.
“The Greater New Bedford addition and renovation project will enhance and improve the ability of students ability to excel in the classroom while allowing more efficient use of the existing school facilities,” stated Jack McCarthy, MSBA Executive Director.
The MSBA partners with Massachusetts communities to support the design and construction of educationally-appropriate, flexible, sustainable, and cost-effective public school facilities. Since its inception, the Authority has made $9 billion in reimbursements 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.
