For the most up-to-date information on the Coronavirus please click here.  

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 ~$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:

Smith SD Budget

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

Energy Efficiency – “Green Schools” 2.0%
Total Incentive Points 4.875%
Anticipated MSBA Reimbursement Rate with Incentives 55.455%

Close window