How much will the project cost?

The estimated total project cost is currently approximately $52 million dollars. The Town has been building its School Stabilization Fund over the past four years (currently at about $5.5 million dollars) and will seek to continue funding up until the long-term debt is issued. The Massachusetts School Building Authority (MSBA) has committed to funding 55.455% of all eligible project costs. The schematic design construction budget and cost estimates are available here and a summary is shown below:

Schematic Design Budget Summary (Estimated)

Each School District in Massachusetts that is selected by the MSBA for funding assistance is assigned a different MSBA reimbursement rate based on socio-economic factors. Please refer to the MSBA website for more information.

The base reimbursement rate for Danvers is 50.58%. The following incentive points are then added to the base rate: CM at Risk project delivery method (+1 point), Maintenance (+1.875 points), and Energy Efficiency (+2 points).

CategoryReimbursement Points
Reimbursement Rate before Incentives (provided by the MSBA)50.58%
Maintenance (provided by the MSBA)1.875%
CM at Risk1.0%
Energy Efficiency – “Green Schools”2.0%
Total Incentive Points4.875%
Anticipated MSBA Reimbursement Rate with Incentives55.455%

Show All Answers

1. What is a Construction Manager, who is ours, and what do they do?
2. How much does the Smith School Project cost and how much has been spent to date?
3. Why does the Smith Elementary School need to be replaced?
4. Will enrollment at the Smith School increase?
5. Will the Town be completing a redistricting process to help address growing enrollment?
6. What is the Smith School Project at a glance?
7. What site was selected for the new Smith School, and why?
8. What does the project timeline look like?
9. How much will the project cost?
10. How will the Town pay for the new school and how much will it cost the tax payers?
11. Who is the architect for the Smith School project?
12. What is an Owner’s Project Manager, who is ours, and what do they do?
13. What is the MSBA?
14. How can I get involved and stay informed about the Smith School Project?