Andover may get $7.2 million for construction cost overruns at the West Elementary School building project if an amendment to the state senate’s budget passes the house and is signed by Gov. Maura Healey.
“Every single school building project across the state that has been funded the last three to four years is over budget,” State Sen. Barry Finegold (D-Andover) told a joint meeting of the select board and the finance and the Andover High School building committees at Memorial Hall Library Wednesday.
Finegold said he expects the final house budget to include a version of the $100 million earmark and Healey’s approval. Andover’s cut of the reimbursement pool would be $7.2 million, or 43.9 percent of the $16.4 million Special Town Meeting approved for cost overruns in December.
The increased costs were attributed to higher construction costs and interest rates. Currently, the bulk of the $16.4 million in budget overruns will be paid with up to $14.5 million in new borrowing. While the final cost will be dictated by interest rates at the time of the borrowing, officials estimate it will add approximately $63 to the average Andover taxpayer’s annual bill for 30 years.
Already the most expensive public elementary school construction project in Massachusetts history with construction costs of $624 per square foot, West El’s total price tag rose to $168 million from the original, $151.6 million after the December Special Town Meeting.
Photo: Dave Copeland/Andover News