Massachusetts School Building Authority Announces $1.8 Million Approval for Addition at Lynnfield High School
MSBA Board votes to contribute up to $1,856,512 towards the addition at the Lynnfield High School
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 an addition to the existing Lynnfield High School. One of the next steps is for the Town of Lynnfield 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 project includes the construction of additional classrooms at the High School to alleviate potential overcrowding and will serve an agreed upon enrollment of 740 students in grades 9-12. The MSBA will be contributing up to 43.94% of eligible costs for a total grant of up to $1,856,512 towards the project.
“This $1.8 million in funding will fuel school construction that will directly benefit countless Lynnfield students,” said Treasurer Grossman. “Through open channels of communication with town officials, we’ve been able to develop an efficient and affordable school building proposal that best meets the educational needs of the community and its children.”
“The addition to the High School will provide much needed core academic classrooms,” stated Jack McCarthy, MSBA Executive Director. “This project will undoubtedly enhance and improve the student’s ability to excel in the classroom.”
The MSBA strives to find the right-sized, most fiscally-responsible, and educationally-appropriate solutions to create safe and sound learning environments. In its seven year history, the MSBA has made more than $8 billion in reimbursements to cities, towns, and regional school districts for school construction projects. These timely payments have saved municipalities more than $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities in these difficult economic times.
