on State SBA List
June 1, 2004
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Joseph Gillis Jr.
You can do something!
The Massachusetts Board of Education met last week, and added five projects to the end of the SBA projects reimbursement list. There are also 48 desegregation projects on the list, not part of this counting, grandfathered in.
{Click here to jump to the Dept of Ed's spreadsheet}
Williams renovations, #9 for 2003, #291 overall, grant rate 67.79%, total grant = $27,629,527
High School renovations, #64 for 2003, #346 overall, grant rate 66.31%, total grant = $5,734,309
New High School, #91 for 2003, #373 overall, grant rate 62.31%, total grant = $68,852,705
All told, there are 425 school projects, requiring annual payments of $364.5M, with a total liability of $7,066,258,365. Note that some projects do not have a 20-year payment plan. The average reimbursement rate for all projects is 67.32%
While I was against building a large high school, I do believe it is a good thing the the school project is on the accepted project list. Being an accepted project allows for the commitment of funds on the project - and most importantly, the ability to lock-in purchases of steel and steel products for the school. With the quickly increasing cost of steel, it will be important to guarantee the costs for the project.
