MSBA increases grant estimate; Southborough finance subcommittee projects $703 tax rise for average home

At a March 31 meeting of the NHERI School Building Committee in the Town of Southborough, the committee's finance subcommittee reported that the Massachusetts School Building Authority (MSBA) has increased the district's estimated reimbursement, lowering the town's expected share of the cost for the proposed K–8 school.

Kathy (chairman of the finance subcommittee) said the committee now “believe[s] the total project cost as of tonight is about … $109,000,000” and that the MSBA grant is “going to be 35,000,000 and change.” She told members the committee also expects more than $5,000,000 in federal and state funding tied to the planned geothermal system.

The subcommittee presented derived figures that show a net town cost of roughly $68,000,000 after those funding sources, and an estimated annual debt service of about $4,070,000 once the bond is permanently financed. Subcommittee members said they…