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 ~$5.5 million dollars) and will seek to continue funding up until the long-term debt is issued. The 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 @ Risk project delivery method (+1 point), Maintenance (+1.875 points), and Energy Efficiency (+2 points).
| Category | Reimbursement Points |
| Reimbursement Rate before Incentives (provided by the MSBA) | 50.58% |
| Maintenance (provided by the MSBA) | 1.875% |
|
CM @ Risk |
1.0% |
| Energy Efficiency – “Green Schools” | 2.0% |
| Total Incentive Points | 4.875% |
| Anticipated MSBA Reimbursement Rate with Incentives | 55.455% |