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Construction and equipping of the new elementary school is estimated to cost a total of $99.2 million including the feasibility study. This figure derives from two independent cost estimators that each projected the cost of the new building and then met to reconcile any differences between their two estimates and arrived at a single cost estimate. The estimated cost of the project includes contingencies for future cost escalation.
Yes, the Town has been accepted into the selective Massachusetts School Building Authority (MSBA) program and the MSBA is providing a maximum facility grant to the Town to reduce the cost to the Town, projected to be $40.5 million. The Town’s share of the cost of the new elementary school is projected to be $58.8 million before applying any other funding sources.
The Town has aggressively sought ways to reduce the impact of the project on taxpayers.
Early on, the square footage of the building was reduced by approximately 8,000 while still providing adequate space for all of the educational programs. This reduction is significant given estimated construction costs per square foot in the $800 range.
Next, the Elementary School Building Committee (ESBC) reviewed project costs and identified over $5 million of cost saving measures from the initial estimate.
The Town has partnered with Eversource to generate a maximum of $1.6 million of energy incentives/rebates and the Town Council has approved a Community Preservation Act grant in the amount of $700,000 to offset the cost of the fields.
Town officials worked with its State Legislators to advocate for an increase to the grant from the MSBA. These efforts resulted in over $3 million of additional grant funding.
Most recently on April 3, 2023; the Town Council voted to appropriate $5 million from its Capital Stabilization Fund to reduce the impact of the debt exclusion on tax payers.