Winooski School District gets $57.8 million direct loan from USDA for new campus

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Winooski School District gets $57.8 million direct loan from USDA for new campus

Wed, 08/05/2020 - 1:51pm -- tim
Investment Will Save Winooski Taxpayers Approximately $11 Million. Google Map image.

Vermont Business Magazine The United States Department of Agriculture (USDA) is investing $57.8 million to build a new campus for the Winooski School District (WSD). 

USDA Vermont State Director Anthony Linardos announced the project earlier today.

“The new school and essential infrastructure repair will benefit the children, parents, and teachers of Winooski for generations to come, and we are extremely proud to be a part of it,” Linardos said. 

Funds will be used to renovate the existing educational facility infrastructure to modern educational standards and expand to serve one of the fastest-growing student populations in the state of Vermont. Through its Community Facilities Direct Loan & Grant Program, USDA Rural Development will provide and secure funding for the initiative.

The Winooski School District team comprised of WSD Superintendent Sean McMannon, Finance Manager Nicole Mace, Owner Project Manager Tom Barden, as well as leaders at ReArch and TruexCullins, worked closely over a span of several months with USDA Rural Development VT/NH Community Programs Director Eric Law and the team from the USDA to complete the process to qualify for the financial support.

“This team of dedicated leaders spearheaded a collaborative approach to complete a complicated process and brought an incredible finance package that will bring significant long-term savings over the life of the loan to Winooski taxpayers and secures a safe, healthy and modern learning environment for Winooski students,” said McMannon.

WSD Finance Manager Nicole Mace reported that the district will be saving approximately $11 million over the life of the loan compared to initial calculations, due to the historically low interest rate they were able to secure through the USDA program. “These savings mean students will be in a building that will match the excellence of the learning that is taking place inside, while also keeping the cost of the project more affordable to Winooski residents,” said Mace.

Source: WINOOSKI, VT, August 5, 2020  - United States Department of Agriculture