State Treasurer Steven Grossman, Chairman of the Massachusetts School Building Authority (“MSBA”), and MSBA Executive Director Jack McCarthy today announced that the MSBA Board of Directors voted to approve a grant of up to $10.4 million for renovations and repairs at Lincoln Street Elementary School in Northborough. One of the next steps is for the District and the MSBA to enter into a Project Funding Agreement, which will detail the project’s scope and budget, along with the conditions under which the Town will receive its MSBA grant.
“This is a down payment on the academic excellence of Northborough students,” said Treasurer Grossman. “Upon completion, these renovations will provide a modern learning environment and create the space needed to deliver on the school district’s educational commitments and goals.”
Lincoln Street Elementary School was built in 1965 and will serve 270 students in grades K-5. Repairs at the school will address deficiencies in building systems including mechanical, electrical, plumbing and windows. The MSBA will contribute 52.88% of eligible costs toward the project, for a total grant of up to $10,407,408.
“The renovations at Lincoln Street Elementary School will mean a better learning and teaching environment for area students and teachers,” stated Executive Director McCarthy. “We are delighted to be partnering in this project.”
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 2004 inception, the Authority has made over $10.4 billion in reimbursements for school capital improvement projects. MSBA reimbursements have saved districts over $2.9 billion in avoided local interest costs and have provided much needed cash flow to communities.