Finance Committee delays vote on Our Island Home technical amendment after updated guaranteed maximum price and revised funding plan

The Nantucket Finance Committee on April 10 reviewed a technical amendment to Article 13 of the annual town meeting warrant that updates the financing plan for the Our Island Home skilled nursing replacement project after a guaranteed maximum price (GMP) and subcontract bids were received.

Brian (Town staff) told the committee the updated total project cost is approximately $134,000,000. "The total project cost is $134,000,000," he said. "In Article 13, we're proposing raising $125,392,000." Brian said the technical amendment would change the funding mix to include transfers from enterprise retained earnings and a revised borrowing authorization.

Key funding details presented to the Finance Committee included a proposed $1,500,000 transfer from sewer retained earnings (to reflect employee housing moved near the sewer treatment plant) and a proposed $7,585,000 transfer from Our Island Home retained earnings to cover furniture, fixtures, equipment and potential put-option costs on two…