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The Total Project Budget is currently estimated at $343,399,220. This includes bricks & mortar, site work, demolition, and soft costs such as design fees, permit fees, utility company fees, testing, FF&E, Technology, Contingencies, etc.
The School Building Committee will be working with the OPM and Design Team to ensure the most cost-effective building is delivered to our community.
The Total Project Budget is currently estimated at $343,399,220. The City of Lowell will be asked to appropriate the entire amount, with MSBA providing up to $215,992,406 in reimbursement of eligible cost.
The City Council and the SBC working with our Owner’s Project Manager, Skanska, along with the City’s financial team and construction supervisors, will all work to assure the appropriate expenditure of funds consistent with the procurement and accounting laws as mandated by the Commonwealth of Massachusetts and the Lowell Public Schools. The City Council and the SBC, as part of the process since day one, has worked diligently to assure that the final product will be the best possible value for the Lowell Public Schools in every aspect. We believe that upon completion of this process, the final accounting will demonstrate that we received a great product at a great value.
There are a number of factors that will determine the ongoing maintenance and operations of the new school. In terms of operating costs, the building will be designed to meet or exceed the standard set forth by LEED. This means that the energy efficiency of the design will be at a minimum of 25-30% greater than the standards required by the current state building code. This added efficiency will allow for greater energy savings and will help maintain operating costs. The SBC believes that the new school will be vastly more efficient to operate than the current building and will provide for more consistent cost control due to its design, green technologies, and efficiencies. When determining future operating costs and maintenance costs of the new school one must consider the efficiencies that will be realized in the new school vs. current expenditures to operate and maintain the existing school. Once the calculations of operating and maintenance of the new building are compared with the cost of the old building we believe the net result will be a better value for the Lowell School District (added technology will result in higher electrical costs).