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:
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).
|Reimbursement Rate before Incentives (provided by the MSBA)||50.58%|
|Maintenance (provided by the MSBA)||1.875%|
|CM at Risk||1.0%|
|Energy Efficiency – “Green Schools”||2.0%|
|Total Incentive Points||4.875%|
|Anticipated MSBA Reimbursement Rate with Incentives||55.455%|