Select Board reviews updated GMP and funding plan for New Island Home project
Finance staff presented updated GMP and cost estimates for the New Island Home project (construction $94.3M; total project ~$137.3M), discussed contingency reductions and use of retained earnings to keep proposed borrowing at $119M; board asked for a technical amendment and further review ahead of town meeting.
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The Select Board heard an updated budget and Guaranteed Maximum Price (GMP) for the New Island Home project at its April 15 meeting. Staff reported a proposed construction total of $94,321,000 and a total project cost near $137,310,000. The finance director said contingency had been reduced from roughly $10.1 million to about $6.0 million after removing tariff contingencies and refining allowances, and that certain allowances were reallocated.
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