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Another note about Newton North construction funds

Posted December 8, 2008 02:38 PM

By Ben Terris

At his weekly press conference Monday, Mayor David Cohen said the Massachusetts School Building Authority would begin reimbursing the city for $46.6 million for the building of the new Newton North starting in January.

He said that the money was guaranteed in 2004 so "was never in doubt" and that the "financing o the project would have continued regardless of the timeframe of the MSBA funds."

Still, despite the "substantial cash reserves" that could have been used to "meet any cash flow challenges," Cohen said it was "very good news that we are nearing a project funding agreement with the MSBA, and these important funds will be released soon."

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