Each town would be required to pay a yearly capital assessment on its portion of the amount borrowed after the state’s reimbursement is deducted. The assessment rate would be adjusted annually based on a town’s student population. According to Labrecque the current percentage rate of assessment is 37.491 percent in Groveland, 36.416 percent in Merrimac, and 26.093 percent in West Newbury.
“The actual amounts will still be based on the amount we need to borrow, plus interest, over 20 years,” Labrecque said. A ballpark figure for the annual assessments might be a low of around $18,000 for West Newbury and $25,000 for Groveland and Merrimac, Labrecque guessed, but stressed, “of course these are just preliminary estimates.”
Noting that the state will only partner on one project at a time, Mulqueen said the MSBA approval is one more positive step toward the kinds of improvements to Pentucket’s educational facilities that are integral to its “world class agenda.”
“Each town has boldly undertaken improvements in our elementary schools. We are on the cusp of announcing plans to begin the improvements to our athletic complex on the regional campus. Upgrading the middle school’s heating system and components of its roof will clear the way for us to focus on the high school,” he said.
“Pentucket’s rapid improvement to facilities is an indicator of our community’s commitment to quality education,” Mulqueen said.