By Geena Monahan–For the North Star Reporter
Town Manager Michael Borg came before the Town Council on Sept. 8 to announce that borrowing for the town’s new high school is likely to begin by the end of January.
The debt exclusion that was passed by North Attleborough voters in June called for the town to fund $180,861,098 of the $287,861,098 that the new high school is estimated to cost. The remaining $107 million will be reimburse by the Massachusetts School Building Authority.
According to Borg, the town will seek bonding for only $70 million to start, and plans to continue borrowing only the amount needed to get through each of the construction phases.
“We are currently providing all the funding and being reimbursed by MSBA,” said Borg. “We will pay ourselves back for that funding that’s due for this project cost.”
Treasurer and Collector Christopher Sweet relayed that North Attleborough is working with a broker, Lynne Foster of UniBank Fiscal Advisory Services, Inc., who also facilitated the recent new high schools for Attleboro and Tri-County Regional Vocational Technical.
According to Sweet, Foster will advise the town on factors such as timing, interest rates and MSBA reimbursements to help determine a future bonding schedule.
Vertex Engineering, the owner’s project manager for the new school, will work closely with the town and its financial advisor to provide updates on cash flow requirements.
Sweet told the North Star Reporter that the bonding process will go out to bid in the near future, and he expects anywhere from five to 10 financial institutes express interest in lending the funds.
“The market loves North Attleborough bonds,” said Sweet.
North Attleborough homeowners can expect to see this initial $70 million in borrowing hit their third-quarter tax bills in 2027. According to Chief Assessor Cheryl Smith, based on FY25 numbers, the tax impact on borrowing is $.07 per thousand for residential and $.09 per thousand for commercial, industrial, or personal.
For a North Attleborough resident with a home valued at the current average price of $569,820, the increase from the debt exclusion on the third-quarter 2027 tax bill would be $39.89.
“I think every member of this community will see a positive return on investment,” said Town Council Vice President Keith Lapointe in a recent “Town Hall Talks” podcast episode on the new school. “Whether it’s a certain quality of life in town, some of the additional community facing aspects of the building and facilities that the community will be able to use, and there’s no doubt there will be a positive impact on property values.”
When all borrowing is done, the average homeowner’s taxes are expected to increase by approximately $1,000 a year over the life of the 30-year bond.