MSBA Approves $10 Million for New Glover School

The Massachusetts State Building Authority announced Wednesday that its board of directors had approved a decision that would provide Marblehead with $10 million to replace .

Wednesday's announcement came just two days after Finance Committee members agreed to recommend that Town Meeting approve spending $15.8 million to rebuild the Maple Street school.

According to MSBA officials, the next step in the process is for the town and the state's building authority to enter into a Project Funding Agreement that will detail the project's budget and set forth specific terms and conditions under which Marblehead will receive its grant funding.

The new Glover Elementary School will be 79,108 square feet and will be built on the same site that the school currently occupies. The new school will combine the student population of both Glover Elementary and and will serve 425 students from kindergarten through the third grade. The total budget for the project is estimated to be $25 million and the MSBA will contribute 40 percent of the eligible costs for a total grant of $10 million.

“This is a great day for Marblehead, the elementary school students and the MSBA. I am pleased that the MSBA approved this grant of $10 million," State Treasurer Steven Grossman said in a prepared statement. "We have worked together long and hard and now we have plans for a new efficient, sustainable and affordable Glover Elementary that will save not only local taxpayers, but also taxpayers state-wide."

Sharing Grossman's enthusiasm for the funding approval was MSBA Executive Director Katherine Craven, who said the new facility will help solve an assortment of issues currently facing Glover Elementary School students and their teachers.

“The new Glover will address facility deficiencies as well as eliminate overcrowding, allowing the teachers to better deliver their educational program,” Craven said.

After an override override lost by just 71 votes last summer, members of  -- including parents, teachers and school leaders -- blamed the loss on the large number of overrides (10) on the ballot. Voters became overwhelmed and voted no on everything, they speculated.

The Glover override would have hiked the average tax bill by $126.55 a year for 20 years, for the median home valued at $512,000. Many voters said they simply couldn't afford higher taxes.

The Glover override will once again come to a vote this summer and already has the finance committee's endorsement.

According to the organization's website, in its six year history, the MSBA has made $7.5 billion in reimbursements to cities, towns and regional school districts across the commonwealth for school construction projects. These payments have saved municipalities more than $2.9 billion in avoided local interest costs and have provided "a much-needed cash flow to communities in these difficult economic times," according to the site.