For Immediate Release - July 13, 2011

Treasurer Grossman and the MSBA Break Ground for Addition and Renovation Project at Methuen High School

Project is Expected to be Completed in 2014

BOSTON , MA - State Treasurer Steven Grossman, Chairman of the Board of Directors of the Massachusetts School Building Authority (MSBA), and Katherine Craven, Executive Director of the MSBA, today joined local officials at a groundbreaking ceremony for the addition and renovation project at Methuen High School.

The $99 million addition and renovation project will eliminate the "open classroom" design of the existing building. The scope of the project includes the renovation of the existing building and the construction of a 47,800 square foot addition. The MSBA will reimburse Methuen approximately 68% of eligible project costs - up to $64 million.

"Listening to the needs of a community and developing projects accordingly are priorities for the MSBA, and the Methuen High School project is a case study in that sentiment," said Treasurer Steven Grossman. "Thanks to our collaborative work with local officials, our $64 million investment will result in a safe and modern high school that will provide Methuen students with a top-notch learning environment."

"Although we are breaking ground here today, the MSBA has already started making payments to the city for this project," said Katherine Craven. "To date we have paid $3.4 million towards the addition and renovation of Methuen High School."

The MSBA strives to find the right-sized, most fiscally responsible, and educationally appropriate solutions to create safe and sound learning environments. It is committed to protecting taxpayers' dollar by improving the school building grant process and avoiding the costly mistakes of the past in the funding and construction of schools. The MSBA reformed the Commonwealth's formerly rampant and unsustainable school building program, which was more than $11 billion in debt.

Since its inception in 2004, the Authority has made $7.6 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.