State Treasurer Tim Cahill, Chairman of the Massachusetts School Building Authority (“MSBA”), and Katherine Craven, MSBA Executive Director, were in Cambridge today to present a check for $37,048,647 for the renovation projects at Cambridge Rindge and Latin High School. The check represents both the grant given for the War Memorial project and the grant amount the MSBA has agreed upon for the Cambridge Rindge and Latin High School renovation project.
“I am pleased to p
resent this check for the renovation projects at Cambridge Rindge and Latin,” Treasurer Cahill said. “The MSBA’s Progress Payment system will save Cambridge approximately $17 million in avoided local interest costs.”
“This money will go a long way toward improving the teaching and learning environment for Cambridge students and faculty in a cost-effective way,” said Katherine Craven, MSBA Executive Director.
“Thanks to the partnership with the MSBA, the City of Cambridge has been able to proceed with two major school renovation projects that will benefit students and the entire community for years to come,” stated City Manager Robert Healy
The MSBA is collaborating with municipalities to equitably invest $2.5 billion in schools across the Commonwealth by finding the right-sized, most fiscally responsible and educationally appropriate solutions to create safe and sound learning environments. The MSBA has reformed the Commonwealth’s formerly rampant and unsustainable program, which had accumulated $11 billion in debt. In 2007, as a result of programmatic reforms and sound fiscal management, the MSBA was able to reopen a sustainable, reformed grant program. In its five year history, the MSBA has made approximately $6.5 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 municipalities in these difficult economic times.