Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the School Construction topic
No spam. Unsubscribe anytime.
Madison BOE formally accepts Neck River Elementary; project closes under referendum budget with reimbursement better than expected
Summary
The Board of Education voted to accept Neck River Elementary as complete. Presenters said the referendum budget was $61.15 million, actual payments are trending near $58.67 million, leaving roughly $2.4 million unspent to be allocated (the building committee proposed using it for Ryerson demolition); state and federal reimbursements and rebates are expected to reduce the district share.
The Madison Board of Education voted to accept the new Neck River Elementary School as complete, formally starting the state grant acceptance process and the 20-year period that can affect eligibility for future grant awards.
Adam Levites of Colliers provided the board with a project closeout and finance update. He said the referendum budget had been $61.15 million and that projected final vendor payments were trending at about $58.67 million, leaving roughly $2.4 million unspent of the referendum authorization. Levites said the school building committee has approved transferring those remaining funds to a Ryerson demolition fund pending further studies and approvals.
Adam also outlined reimbursement expectations: the original referendum estimate anticipated about $9.8 million in state reimbursement, but Levites said the state reimbursement projection now looks closer to $13.8–$14.0 million. He described additional recoveries the town expects, including an anticipated $2 million federal tax credit for geothermal/mechanical components and approximately $410,000 in clean-energy rebates from Eversource (about $319,000 already received and roughly $90,000 pending verification).
"The projected final total new building costs ... is trending at right about $58.67 million," Levites told the board, noting several long-tail closeout items and state audit processes that could affect final figures.
Board members questioned whether the $2.4 million was ever intended for Ryerson demolition during the original referendum; one member called it "disingenuous" to treat the $2.4 million as new savings if demolition had been contemplated during earlier votes. Levites and the chair said the technical acceptance vote is separate from contract closeout and noted the transfer requires school building committee and selectman coordination.
At action item 9 later in the meeting the chair asked for a motion to accept the project "as complete" and the board voted; the motion carried with the board recording a 6–0 favorable result.
Next steps: staff and the building committee will continue vendor closeout, work with finance and counsel on reimbursements and the Ryerson study, and report back to the board as items are finalized.
