During a recent meeting of the Neary School Building Committee in Southborough, Massachusetts, key financial details regarding the construction of a new school building were discussed, highlighting the project's significant economic implications for the community. The committee revealed that the total projected cost for the Neary School project is estimated to exceed $68 million. A substantial portion of this cost, approximately $35 million, is expected to be covered by a grant from the Massachusetts School Building Authority (MSBA), which accounts for about 32.5% of the total expenses.

In addition to the MSBA grant, the committee anticipates receiving around $5 million in rebates and credits from federal and state sources due to the implementation of a geothermal HVAC system. This financial support is crucial as it will help mitigate the overall burden on local taxpayers. Once the bond for the project is permanently financed, the annual debt service is projected to be just above $4 million, with an estimated annual increase in the town budget of approximately $2.9 million. This translates to an estimated tax impact of about $703 for the average valued home in Southborough.

Concerns were raised about the potential for the Neary project to divert funds from other essential community projects. However, committee members reassured attendees that the capital plan remains intact, with necessary projects such as roof repairs and fire equipment purchases still scheduled. Notably, a proposed library expansion was removed from the plan not due to the Neary project but because it was not accepted into the state program.

The committee also discussed future projects, including the addition of a new turf field and renovations to the senior center. The operational budget savings from the new K-8 school are expected to exceed $1 million annually, primarily due to a reduction in staffing needs resulting from a more efficient building design.

As the committee moves forward, the financial implications of the Neary School project will continue to be a focal point for community discussions, emphasizing the balance between educational investment and fiscal responsibility. The next steps will involve finalizing the bond financing and continuing to assess the operational savings as the project progresses.