The budget gap facing the Bancroft Elementary School project is $5.7 million, but would climb even higher if residents reject the bid to cover it at February Special Town Meeting, say officials.
The School Building Committee finalized the budget shortfall Wednesday, Jan. 9, after Townsman deadline. The project is off target by $5,714,029, including $4.3 million attributed to construction costs rising while the project was delayed close to a year by a lawsuit.
If residents reject the committee's proposal, Annual Town Meeting in April will be asked to approve $6,982,029, according to Tom Deso, building committee chairman. The $1.3 million difference accounts for costs brought on by not-yet-awarded contract bids expiring on March 1, which would require new bidding in a more pricy construction climate.
For more on this story, see the Jan. 17 print edition of the Townsman.