In a recent government meeting, officials reported significant financial progress on a major project involving the construction of new schools. The project, which had faced challenges in securing funding, successfully closed financially at the beginning of August, with an increased affordability limit set at $70 million.

The county's contribution to the project is now estimated at $42 million annually, a reduction from the initial projection of $47 million. This decrease was made possible by a successful bond sale that attracted $3.4 billion in subscriptions, far exceeding the initial target of $700 million. The overwhelming interest allowed the finance team to negotiate lower interest rates, resulting in a more favorable financial structure for the project.

The state will contribute $27 million as part of the availability payment through the Maryland State Authority (MSA). Notably, the project has limited escalation costs, with only a $300,000 increase projected over 30 years.

With financial closure achieved, groundbreaking for the first three schools—Margaret Brent, Robert Frost, and Templeton—is scheduled to begin on September 10th and 11th. Officials have also requested expedited work on Templeton to secure the site by next week, with demolition and construction expected to commence by mid-September. The meeting highlighted the positive market response and the collaborative efforts of the finance team, which included detailed presentations to bond purchasers that were well-received.