Three days after the last day of school this month, construction will begin on the new North Reading High School/Middle School campus.
North Reading Secondary Schools Building Committee Chairman Chuck Carucci said Monday that shovels will go into the ground on June 18 for the $107.7 million project, which voters approved overwhelmingly in March.
The town also received good news about the funding of the project. Selectmen Chairman Sean Delaney said Fidelity Capital came in with the lowest bond interest rate for the project -- and that interest rate was smaller than initially estimated.
Rather than the predicted 4 percent bond interest rate, North Reading’s bond will feature a 3.5 percent interest rate.
Delaney said town officials will know the savings for taxpayers after a state Department of Revenue review. The town had expected that a $450,100 home would see an increase of $700 annually because of the school project, but that number may decrease given the lower interest rate.
The project schedule includes:
- The high school and core facilities complete before the 2014-2015 school year begins.
- Middle school students will then go to the old high school until the middle school is complete. The new middle school is scheduled to open in the fall of 2015.
- The demolition of the old high school will begin then, and the new fields should be installed by the close of the 2015 school year.