Malden’s share of new Northeast Metro Tech school funding will be $33 million

City’s payments would increase gradually over three years, then settle in at $1.2 million annually for remainder of 30-year term

  Malden voters on Tuesday joined with those in 10 other sending districts in approving a commitment to fund a new, $317.4 million state-of-the-art facility. Voters in one of the districts, Chelsea, voted against approving the funding, but the measure passed in overwhelming fashion, capturing 83.5% of the ballots overall. All that had been needed in the final balloting was a simple majority, but voters in the 12 districts combined for a large majority in favor.

  The exact question voted on Tuesday was to accept a $141 million grant from the Massachusetts School Building Authority (MSBA) to go toward construction of the new school. With that funding in place, the adjusted cost of the new school would be approximately $176 million. Following Tuesday’s affirmative vote, the 12 districts will now be responsible for funding the $176 million bill over a 30-year period.

  Malden has 152 students now enrolled at Northeast Metro Tech and at present pays $1.62 million annually as a sending district. With the new school on the way, enrollment capacity is expected to increase from 1,250 to 1,600 in all, which would mean Malden might be able to send more students in the future.

  As for Malden’s contribution to the funding for the new school, the local share would be a $220,000 assessment in FY 2023, according to reports. The payment would then be $221,000 in 2024, $667,000 in 2025 and then $1.2 million per year in 2026 and the same moving forward for the remaining 26 years of the remaining 30-year period.

  Malden Mayor Gary Christenson has already acknowledged the annual payment that would be coming in public statements about upcoming municipal budgetary matters.