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Select Board reviews updated GMP and funding plan for New Island Home project
Summary
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.
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…
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