Hey Josh. >> Hey. How you doing? >> Good. How are you? >> I'm okay. >> Some good news, huh? >> Very good news. Great news to tell everybody. Yep. >> If you haven't already seen the packet,
but yeah. >> Hey Josh, can you say something? >> Hey there, Jane and group. Can you hear me? >> Yeah, I'm just trying to work on the the sound in the room. Say something out loud. >> Yeah. So, you know, today
is Monday. Thank you. >> Seven o'clock. >> Almost seven o'clock. We're almost there. >> Captions are on. >> 658. >> I did what you need to do.
>> No, I I won't connect to the network. So, >> we have seven participants. >> Are you running the whole Are you running the meetings? >> Okay. >> Sorry. Yeah, I was just talking. I didn't look at the waiting room. Let him in. >> I did.
>> Thank you. >> Oh, Chris. Okay. >> Online. Joe, Chris, Chris, Steppler, Sean, Justin's online. Nancy Tumi, RCTV is with us. Thank you, RCTV. Couldn't do this without you.
>> Is it TV? Just >> this is Zoom. This is a Zoom room. So, Zumich for now. >> Say you are converting to teams, right? So I'm not yeah holding you can get teams for free but pay zoom stuff but if
we do move to teams it affects all this stuff. It's Jenny to the sun. What are you doing in the sun? >> Oh my god. What do I do? >> We cobble together more camps.
>> There's some camps. There's a 16-year-old babysitter. Uh there's some uh summer school. >> Sorry about summer school kids. >> Sorry. >> There's three. We're going >> deal with it.
>> I can't believe how expensive the camps are. It's obnoxious. It's >> like sleep away or just stay camp. >> Just regular day camps for a week. >> Well, we have a great program, very affordable, our recreation program that
has they're available to out of out of 10 students. >> He's he's finally out of that. He can just stay home alone if he wants. He's he's 15 now. But just as as when he was younger that's the age >> you're going to get at 15. It could be a job.
>> Absolutely. I can have a job. >> Should we start? >> I guess so. >> Reporting. Sorry. We're just talking. >> We're live. >> We're live. >> 71. >> All right. Good evening everyone. Um,
I'd like to welcome you to the um June 15th Kilm School Building Committee. Um, we will take a roll call vote since we have Slim Pickings in in the room. Um, Pat
>> here. >> Sean >> here. >> John, >> yes, I'm here. >> Chris >> here. Kirk is not here. Ed. >> Ed's online. Greg >> here. >> Nancy
>> here. >> And Ed. Oh, I see Ed. Okay. We can't hear you. We can't hear Ed, but we can see. Um, quick review of the agenda. We'll have public comment. We'll have a leazison
report. We're going to have an update on um the construction bid phase and we'll hear a little bit about final sub bid results and the general contractor field results. Um we will have a vote to um approve or not approve um alternate one
into the off-site work on the streets surrounding the site. Vote to approve the general contractor bid and instruct the town to issue a notice to proceed. And then we'll review um financials with all of the invoices, LBAS, um call yours, facilities clerk,
daily French chronicle, bid docks, and any others, and any commitments. Then we'll review the schedule, um approve the 521 meeting minutes. So, we will start with public comment.
We have no one in the room, and it doesn't look like we have anybody online. So, we will move to um liaison reports. >> I just uh let you know I'm here. Sorry, I had audio troubles.
>> Yep. No, we got you up, Brad. Thank you. Um I I will just say that I will be meeting um this week with uh RMLD to talk um to the executive director there a little bit about um their offering or
a grant opportunity for us. So um that's something we're working on as well. And we did have a meeting um with Plant Moran. We had our kickoff meeting with Plant Moran. um can't even
tell you when um it's a couple weeks ago. Um to talk about um the inflation reduction act and any um grants or tax breaks that we may get
from that. >> May 27 >> May 27th. Thank you. Anybody else for less report and I'll move on to uh construction b I I should also add before we go along too Um it doesn't look like he's online.
Um this would be Dr. Melanchesky's last um meeting with us. He is um he is leaving us and starting a new opportunity. So I just wanted to publicly thank him for all of his contributions
um with helping us put the presentation together for town meeting when we went out to um to vote on this thing. and um for all of his contributions with um the
educational programming and the educational needs of the school as well. So he will be greatly missed and um we will be welcoming in Dr. Henry Turner on on July 4. So um we will meet
with him and look forward to working with him as well. >> Sorry. Thank you. >> Sorry. All right. Uh so up on the screen, you know, you can't share multiple things or just swing a new document to your window, but on the
screen uh this is a breakdown of the uh cloud sub biders uh which came in pretty good um on the column. So these are the uh estimates from our our estimator and the designer's estimator. This is the
average value and then uh we have one and a half% added or escalation in this column. Uh and then this is was the uh pre-quall estimate the value that we had uh carry the pre-qualification and then this is the low bidder uh column. So
these are all the bids received from the low biders and this was the total amount at the bottom. Uh total low biders came in at $31,849,560. Um let me just show you a different document so I guess
share to share your screen. >> I can't switch in and out on Zoom. I can't pull it and tap it. >> If you share the screen or the screen rather than the window.
>> Oh, you can. But there's a bad option. Guys, I can't get my back up. All right. The screen Okay. So, this is the sheet that carries all the estimates. I'm sorry, the bids for uh the general contractors as well.
And uh sure everyone understands that the general contractor carries that low bid number that I just shared with everyone uh in their value. And these are the three general contractors that submitted bids. Freight bill that came in at the lowest bid at $75 million, $233,800
uh which is pretty far below our um original construction estimate of uh 91,200,000. Uh if you look in this column alternate one and two these are the values that they carried for uh the build bid alternates
>> just in alternate one and two with the offsite improvements. >> Yes. >> Yeah. So the Hel Street off >> Charles Street. >> I think Charles Street was at one, right? I think was at two, >> I think. >> Yeah, Charles.
>> And uh these other columns as we scroll down the sheet. Um these are all the items that we review with each uh bid submission just to make sure that they're uh they provide all the correct paperwork uh such as their DAM upstate
uh update statements um identification uh certification tax certification non-clusion forms um everything was in good order with all the received no issues with the addendum extension. >> Yeah. So, uh, to kind of really look at the
break the breakdown on how these numbers came in, uh, our 90% estimate came in at 91,23,873. Uh, we had a PFA estimate. So that was uh before we started to work through um I think we excuse that while reading my
CDs are just before uh the project funding agreement is at uh $101,521,394 construction. Uh as you can see um this is the low bidder value right here, the 75 million
and then the difference between the 90% estimate and the PFA estimate. So potential savings of 15 million $800,000. >> Feel like we should have like fireworks going off. Something
>> um so this right here we have the early switch package uh switch gear package that we went out already purchased switch gear or in the worst of that. uh which is $147,000 that value will be assigned to
the electrical uh contractor and uh so that incorporate that's this number right here the 15,281,000 uh takes into low bid uh low the low bidder with alt one and the switch gear package and then this is one and two if
we do vote on one and two and accept that's the value that Any questions on numbers or >> I think if you don't mind, Madam Chair, just for the record, um, for people who may come back and watch this meeting, if
you could talk a little bit about the CD estimate and the PFA estimate, what that means so I can watch this meeting later. >> Yeah, sure. So I was actually going to share the the 311 and kind of get into that a little bit more at a real high
level just so the project funding agreement we we initially had a project budget if you remember when you first hired us of like $2 million and that was just to do the feasibility and schematic design. And when we got to the end of that we we had our basic schematic
design our basic idea of what the building was going to be. And at that point, we went out and met with with the uh the folks in town and we made sure that they understand what was there and we asked for an override vote, right? And so and we we met and we met with town meeting and we we we presented that
and at that point we were presenting a budget that would ultimately become the project funding agreement budget. It wasn't approved at that that point because you guys were still in the process of approving it, but um that budget was about $130 million and that
$130 million included the 101 for construction alone. The difference between the construction and the overall project budget includes our fee, it includes designer fee, it includes the FFN, >> material testing, um legal fees, you
know, all the other things that aren't just the construction. >> So that budget was always 101. >> Um as the design team went through after we signed the project funding agreement, we went through design development. At the end of design development, we did an
estimate. Y >> and we came in under the 101. And our recommendation to you at that time is to keep the 101 budget even though we're under it because what happens is if we were to have reduced that and then we came in
over you you would lose the ability to get that money back from the MSBA. So we always make the recommendation to not go over your funding agreement budget but if you're under it doesn't mean you you drop your funding agreement number. So at DD we were under it and then we go
into construction documents and at 60% construction documents we did another estimate and we continue to be under it and then at 90% construction documents we did it and we continued to be under it. So the one thing that that kind of points out is even though we had a $101 million budget, we were able to get what
we needed to make an educational you know decision not not not in the dollars and we were targeting an an estimated value of 91 million. So, we we had the intent of saving $10 million from the original budget because we thought we could get everything you needed that
would be educationally appropriate and allow you to to to teach these kids for the next 50 years uh with that $91 million budget. So, again, every step of the way, we submit to the MBA, we show them our estimates and they say, "You have a $91 million estimate. Why are you
at a 101 budget?" And we say, "Well, until it bids, we don't know the final number." So, we were always going to keep that 101. So, even though we had a one-on-one budget, we never we never intended going out to bid that we were going to come back with $101 million project. We intended we were going to
come back with a $91 million project plus or minus and the plus or minus ended up being 70 almost 70 uh 77 or 75.7. So, that that's where we we we came in. Um my assumption would be I know there's
always been a discussion about that off-site work and how it really if you weren't doing the school you wouldn't need to do that and and so we felt if we could do it within the overall project budget we should do it and even with that we're at 76.387
still uh 14.5 million under the the $91 million estimate and and actually 24 million almost $25 million under the project funding agreement budget. >> That is just tremendous to say really speaks to the work of all the people in
myster people on this side of the table and online following the process listening to our experts and taking this in a measured approach and we have just the best teams. >> Yeah. The other thing that I'd like to point out, just in case anybody's
worried, I I think the fact that we were at 91 million, even though we had a budget of 101 probably kind of people might just assume it, but we were making fiscally responsible decisions, but we were letting the educational needs dictate that many people, you know, like
we weren't overspending to overspend. We weren't spending just, but we wanted to make sure we we had what we needed. and you know, so we're under budget and you're getting the building you want. It's not like we we we made a cheap building or a building that's not going
to be durable. It's a very durable building. It has high efficiency HVAC equipment for heating and cooling. It has high efficiency windows. It's very durable outside. We looked at durable materials inside. So overall, you're getting a very good building just at a
very good price. So it's a inexpensive or less expensive option. >> It's not inexpensive. not inex less expensive option but it's still a very uh I would not call it a cheap option like you know >> and we haven't implemented value through this design stage yet
>> at every step of the way we looked at value engineer because I always say I don't know again that I'm on budget so we we had a list >> yeah I knew we had a list >> and there were certain things that I think and Jenny you can correct me if I'm wrong but I think for example I
think early on we had tile in like the janitor's closets and in the one uh the single stall bathrooms and I think talking with facilities team they said they'd rather have epoxy and I think we went to epoxy. So epoxy is a savings over tile but it's actually better from
a maintenance standpoint. So it wasn't that we made that decision because of cost, >> but but but identifying those items on the be log, >> allowing people to consider them. Sometimes we said, you know what, we're not doing it to save money. We're doing it because it's a better thing to do or it's a better way to do it. And so even
today, if we came back to you and we were over budget, we had to be log that we could have gone to, but we never really had to implement it, but we did implement things that made sense. >> Yes. Thank you. I I just if I wanted to kind of go off
of what Jean said a little bit, um this is like a huge deal, right? This is a big deal and we don't want to just kind of let it pass. So, um I I would like to start with um with Paul yours and and
need to um with the the professional advice that we're getting and the just uh at every step um and we really appreciate it um from from LBA with um
with your growth and lead and um you always listen to us, right? You always listened to us. you heard what we had to say. We talked about the design. Um, even when it didn't make sense to you, I think you always kind of gave us options
to to make it make sense to us. So, um, and and whenever we pummeled you for cost, like what does this cost, what does that cost, you always came back to us with things like that and always with the um with the guidance from from
Paulers. So, um, and and and I will say with the people that I've dealt with in the hundreds of meetings I sat in at every level, I've enjoyed working with every person from both of these
teams. So, we really appreciate it. Um, I'm excited about Right. Right. Right. um because of the things that I've heard about them so far um from the project team and also from um outside the
project team. So I I feel like we have like the trifecta of the right group to bring us through the next few years. Um, I have to call out Lindsay um, our principal for um, you know, every every
option that was decided or every design option was made by her um, in that school. So, uh, and and I I mean I I could just keep going on from our town manager, um, from from Joshua, from
Katie, from Sharon, um, from every level, people have just stepped up. So, um, this is like this is like a opening a Christmas present early, but um, part of that, you know, that credit needs to go to the team that we have
working. So, I mean, we can't appreciate you guys anymore than we do. So, um you've set us up to be in a really good position and we appreciate your collaboration and professionalism. Um we haven't always agreed, but we've always worked through
them um really professionally. So, I really appreciate it. >> Hey, Carla. >> Yeah, >> we have three hands raised. Chris, Ed, and Sean. I'm gonna go with Chris because I saw his hand first and we'll just go down the list. >> Thank you. >> Yeah,
thanks Josh. And uh thanks Carla. Um yeah, Carla put it, you know, better than I'm ever going to be able to uh say things. So thank you all for, you know, getting us where we are so far and um excited about where we might be
financially going forward. So my question pertains to what does this mean? So the town went out for 130 million. Our portion was like 85 million or something. So in that ratio, where does this leave us? Because we just
don't take 15 million off our number. I'm sure there's a portion with the MSBA. I can I'll kind of uh Mike's going to go over it later when he goes through his numbers, but out of that value, um about
six million is from the MSBA's portion and about, you know, 10 million or so is direct savings to the town. Um what would have when we went out to when we went out for um the voters to vote on
this, we had said that um minus the MSBA's grant, we were going to it was going to cost the town it was about $85 million. Um right now we're a little bit under $60 million. Um so we won't be
taking out that money. We won't be um going for a loan. Sharon is going to be um not taking out the full amount. She's going to do it in steps. So, we will never get to that point. You may see in the estimate that our numbers will be
higher. Um because like Mike said, we're not going to quote unquote give the money back yet. Um that's virtual money. Um we want to hold on in case something happens towards the end, but we just will not have taken out that amount. But
savings to the town, there's a solid $10 million savings to the town. Um, and a lot and and Mike's gonna point out too, one of the numbers that I loved um when he and I were talking last week is the um the non-participating cost um from
the MSBA. And that's a a cool number to to kind of take a look at as well. >> So, you mentioned 60 million, Carla. Um, so our our portion was 85. You're saying we're roughly around 60 now.
>> I think it was a little under 60. >> Okay. >> Yeah. >> Because that was that's this bid plus the other ones that we did like two months ago or something that came like 8 n million under I think as well >> for the file subids.
>> Yes. >> All inclusive. >> Yes. So the file submits were about 4 million that that's included in these numbers. But I would say right now if we were to take all the savings today, which I'm not going to recommend, but if we were to take all the savings today, the town chair, I'm going to round it up
because it's 60.69. So well, it's 61 million compared to what was going to be >> that's what the alter is probably >> uh 86 million. So the difference there on the talent share could be potentially
as much as almost 26 25 million almost all of that 25 I've got to I've always got to do a little caveat there because the way they calculate the eligibility of our fee and the architect's fee and stuff it it's based off the construction value. So there
might be some adjustments in there. Um, but I I can go over a little more detail in just a bit. But the big thing is if you remember there was always a cap cost per square foot and anything over that cost per square foot is town share. >> This savings is mostly
eliminating value that was over that cap. So that's why it's mostly town share packing. >> Our cost per square foot is actually under. >> Yeah, >> it's coming potentially under it. possible. >> Now, none of these figures represent any
we get back from geothermal or something like that. >> This does not include any incentives. That's right. So, the incentives are above that. >> There is some potential even more money coming back. >> Yes, that's absolutely correct.
>> Thanks, Josh. Um uh so um following on to Chris's question and probably this is maybe more uh Carla for uh for for Jane um I think it would be helpful to um as this starts to get a little bit more
crystallized and maybe for the next meeting or or meeting thereafter um if Sharon can start to run um some more numbers as far as what that looks like in the short and um medium term um as part of the bands and stuff that she does um and she's looking to do from a
finance perspective. I think there's um uh you know uh pieces of this that we want to make sure that we get we share with Vincom and um and with others given some of the other discussions we're having in town. >> Yeah. So
>> No, go ahead. No, glad I said something I had but I didn't know you were going to respond. I'm glad you are. I'm glad you are. >> I jump right in. Um, no. So, what I'm hearing is you'd like to have Sharon kind of give a financial outlook to the finance committee uh based on the these
numbers here and we'll have some savings that we're going to probably hold off in in in the contingency in the owner's contingency >> to hold that savings because she's going to ban it basically until the end of the project and then borrow the last trunch based on what we actually owe. Um, you
want to see what that what that projection looks like. >> Exactly. Yeah. Just Yeah. and just just so that we can map it out a little bit better. Um just so what what what that looks like and I mean it's all positive obviously but uh but you know those are >> um this is exactly this kind of the
scenario that I think we're all we're we're uh hoping for. So it's it's it's good news but just it it kicks off you know another set of analysis that I think we just need to socialize. in January fiscal year starts July. Is
it really? >> That's right. >> So you you're really gonna you're going to have like three fiscal years that this project is running during. So yep, >> you're going to be able to take a certain amount this year, a certain amount next year, >> and then before you go to that final number, we're going to have gotten
through most of the construction. We're going to know where any contingency have been spent, and you're really going to have a better understanding of um how much we're going to spend because I I started off with 130 million. 101 million of that was construction. There's 30 million of other. Well, some of that was contingencies. So,
>> right, >> we might not even spend some of that as well. I mean, >> we're not spending the whole contingency budget. No, but yeah. Um, no. No, we're not. But, um, >> I bet you do. How dare you? No. Um, I
think that uh that's that's a very reasonable ask and and we will collaborate with Sharon to get that to you. if not for the meeting next week um >> right >> you know in July because we are also looking at you know our our fin our FY28
budget right now which is about 6 months early so we're looking at our fiscal future and this um is very helpful >> so what I would suggest is we're gonna vote tonight uh we're gonna inform the MSBA tomorrow >> great
>> and we're gonna try and get with them as quickly as we can let them come back and confirm what the new grant value is and then that's going to solidify your number is like so so there'll be a little bit of there's a little bit of back and forth with them that we we need and they they're going to need a little
time to come back to us with with what what the updated number is. Um and then that might be part of the voting in the discussion tonight is how we how we approach that. >> How long is that timeline? A month, six weeks. >> It it it can be a little bit like sometimes we hear in a month that this
is what the number is going to be. And sometimes we get the 311 that quick, but I I'll just say with this one, we're heading towards the summer months. And we might be able to get an unofficial report sooner than later. But it might take a little time to get that back just because um they're doing a lot. They do
a lot of work with schools and and you know, this is a busy time of year. I went to a ribbon cutting today and you know, like they were you the Mary Petty was there and so were a lot of other officials from the NFBA. So it is busy time of the year for them as well. just have anything.
>> Oh, Josh, I just want to be able to kind of finish off that. Um, and again, just to kind of echo Carl's Carla's comments. Um, um, you know, Mike, Justin, uh, Lee, you know, thanks so much for um, you know, for everything and and Mike and
Justin specifically, thanks for, um, all the good, uh, good counsel and, you know, and all of the people that Carla mentioned. I think the person that you want to keep happiest the most is Carla. Um, so So, so good work there. Um, Jane, a close second. Um, so, you know, again, appreciate all the all the help and uh
and thanks to everyone involved. >> I'm going to hold my question. I think Mike might cover it later. >> Excellent. Yeah. and and I I'll just say, you know, we we appreciate the, you know, you all the all the kind words and I I will say that you you as a committee also kind of challenged us a little bit
and that's an important part of that as well that, you know, we're we're doing um our part, but I I think I told Jane just a little while ago before the meeting started that our job is to inform you so that you can make the right decision and and you guys did you you've made the decision that is
educationally responsible but also basically responsible. That's what we were looking for, Mike. We wanted we we wanted someone to pat us on the back. So, that's that's that's really what we were looking for. >> Now, people on this side of the table, you have to ask the basic question. Do
do the people on that side of the table have any bonds about this bid? Do we really think the contractor can bring the job in at the bid price? any red flags, any suspicions, any should we be weary about this?
>> Great question. Um, let me give you a couple of the red flags that come up. And again, if anybody else wants to jump in, when we got the filed sub bids, the filed subids were about $4 million, our estimate. Um, as part of that analysis, I've never actually done it, but I did
run this job. Our estimators always tell us, I'm not trying to be the low bidder. I'm trying to be the third bidder out out of a group of five to try to be kind of middle of the road. I went in I plugged in every third bid, >> whether we had three biders or or 10 biders on a trade. I plugged the third
number in and the value of the estimate of the third biders was within 100 grand of our estimate. So that made me feel a little bit better. Specifically, Miss Metals in electrical had reasonably large gaps between the first bidder and
the second bidder. Uh the miss metals bidder asked to have a dcope with us, which is allowed. So they met with uh LBA, Justin and I kind of sat in just to be kind of flies on the wall for the most part, but they went through with LBA and asked, you know, you know,
various scope items, not specifically about dollars for scope items, but just, you know, is that, you know, is this mine, this mine? And I think the only thing that came out of that that they didn't have or that that they were different than the designers, they actually thought they included the ballards in the design team. So no, the
ballards are actually not sight guys. So that might actually help them a little bit. So um their their numbers a little bit lower, but they seem comfortable at the end of that conversation. Um we reached out to electric electrical sub before the GC bid as well. Um they said,
"Of course, we would have rather have a have a closer to the the second guy, but we have no issue." Um looking at Braith Builders as a general contractor overall. Um I I happen to mention I I was at a ground uh ribbon cutting today.
Uh it was up in Hil is Brave Builders is actually the team that they're proposing to probably be on our job as that team. Um when they bid Haveril, they were it was a bigger job, bigger dollar value. It was about $115 million project, but their budget was originally 130 for
construction and they or 128. They came in at about 12 million under there. Um they're at a point where they're opening the school. They still have to tear down the old school and do the fields and parking lot. So probably 90% of that work has been completed at this point. I
looked it up. Uh they're less than one and a half% change owners. So not no change owners, but one and a half% is pretty is a pretty reasonable number. So even though that even though that bid was lower, it's clear that they weren't trying to gouge, if you will, and and they they
were doing the right thing. So, um, as good as you can on a 149 lump sum, low bid job. You know, do I feel good? I I do. I I I think I talked with the the contractor today, um, and they were very excited about uh getting out here and
getting going. as far as folks going on this portion. >> So, do we want to vote on this? Do you want me to talk a little bit about the budget stuff first? I think the budgets won't really affect this vote. Um, I think what we would be looking for a
vote here is to um allow the OPM to or or to allow the OPM to engage with uh issuing a notice for seed in a contract. Uh for rate builders, they are the the apparent low bidder and the question
would be do you want to do base bid base with alternative one or base with alternative two? >> Bid even there is no difference. Yeah, there is no change if you picked any like they were the low office. >> Yeah. So, >> so let's let's start in the order of the
um the agenda. Let's um vote on to approve both alternate one and two the offsite work. Nancy, do you want to give a um >> Yeah, I'll I'll do us. I'll try. Um
>> uh make a motion to uh approve alter that we want to do alternate one and alternate two separately. >> No, you can do them together. >> Okay. To approve alternate one and alternate two as part of the project. >> Second. >> Second.
>> Seconded by Ed. And we're going to do a roll call. Uh, any discussion? Moving to the vote. Pat, >> yes. >> John, >> yes. >> John, >> yes. >> Chris, >> yes. >> Ed, >> yes.
>> Greg, >> yes. >> Nancy, >> yes. >> And Carla, yes. So, that motion passes. Perfect. And then >> the the builder, right? >> Yep. move to accept Breate Builders Corporation
uh as the contractor and for the OPM to uh pursue uh a contract with Breate Builders for the project. >> Second. >> And you want to say to issue an order to proceed? >> Issue issue notice to proceed. Sorry.
Yes. >> Second as amended. >> Seconded by Ed. Any discussion? Time for the vote. Pat, >> yes. >> Sean, >> yes. >> John, >> yes. >> Chris, >> yes. >> Ed, >> yes. >> Greg,
>> yes. >> Nancy, >> yes. >> And Carla, yes. And passes. Thank you. >> Yes. >> And we'll move to um finances. >> Do you want to talk about the the bid of finances first? Sure. Do you want to go
through that? Do you want to share 30 minutes? >> Yeah. So let me So this isn't the final 311 because the MSBA always does their own updates, but what I tried to do is go in and take a look at it. So just kind of highlights
here this sheet just in general. People may or may not remember this, but this is a very kind of complicated form. And what we do is we go in and we enter in all the different values. So if if you remember I started off by saying we had a $2 million budget. It was actually
2.2. Um and it was the OPM for the feasibility study. It was the architect and engineering for the feasibility and and and it's actually feasibility and schematic design. And then we had environmental in sight which was tied to the A&E. And then we we had other miscellaneous costs and ultimately we
ended up spending some of that to kind of keep the contracts moving while we while we were going through the uh through the the votes and the override votes and stuff like that. So then we plug in all the different values for everything else. So we have legal fees, we have the OPM,
excuse me, we have designer services and then we get down into the construction. This is a breakdown of the overall construction from here all the way down to here. Um and that totals up. I I made it red and and bolded it here that the 101 million. So that was the budget we
were just talking about. That was the construction budget. Now we keep going. We have utility company back charges. We have the FFN which is the furniture and the technology items. And then we that gets you to a total of 123 million. To
that we then add these two yellow numbers which are our contingency values. And that's how we get got to the original project funding agreement overall budget of $130 million. And when we did that, if you look, there
was scope excluded was about $42 million. So there was various reasons for that. Some of it was hazmat, which they don't necessarily participate. Some of it was uh ineligible square footages, things like that. But a big chunk of it,
the biggest chunk of it was this 30 almost $31 million, which I have to manually type that in. But when I type that in, this I moved it back in my
So if I if I hit delete here for a second, this is the easiest way to show it. That number shows up here. right there. If I make that red. Now, if I unddelete it, you can see that number goes to zero right there. What happens
is the MSBA has a cap on the cost per square foot. And you this this area here, it calculates that that value up. And whatever that value is, that's what we have to type in here. That $31 million was basically mostly due or
almost all due to just our overall cost being above the cost per square foot. >> Yeah. >> So when I go to the new version of that, I plug in our new value of 76. That's including the alternates. Um and just so
you know, they might deem the alternates completely ineligible. So that's why my numbers might change. Um uh but so that number that was 31 million before is now about 6 million. Good.
So 6 million uh actually 10 say I had an extra number in there. So that's that's the number that's now goes to zero. So what does that do to
the bottom line? If we gave all the savings back today, and again I'm not recommending this. What would happen is we had a budget here of 130 million. If we gave back all the savings today, your new budget would go down to 103, which
is the difference is that 26 million uh that we're talking about. the MSBA is going to take their portion back. Um, so I tried to do some calculations off to the side here. If I looked at the initial 311, the ineligible uh, sorry,
the maximum grant, which is this this number right here, I look, it was 31 uh, sorry, 40 434. It went from 434 to 431. It didn't drop very much. It only dropped a couple hundred,000. I do think that they're
going to probably ding us a little bit on the offsite stuff and stuff like that. So I I I haven't had a chance to go back to do that. But when you look at that, the difference there is only $300,000. >> Oh, so was it 6 million? >> So well the 6 million the 30 million of ineligible went to 6 million of
ineligible. So that's that was the 6 million. So right now this is saying theoretically it could be that almost all of the savings is going to be town share. I do think that the off-site improvements because it's earthwork and it we're going to be over the 10% cap that would
that's going to go into it. They may do a little bit of it an adjustment on our fee on the architect's fee. So, conservatively, I don't think the town is going to get the full 24 million there. Maybe it's 22 million or something like that. Again, that's why I
want to get with the MSBA as soon as we can to get those numbers firmed up for you. Um, but hit save right now. You could, if you really wanted to lower your number down 130 all the way down to basically 104. Um, what that would do is
that would give back all the savings right now and heaven forbid something happens and we we we we have some we we don't have that ability to use that money later. If you give that savings back, it's a direct savings for every taxpayer, but it's not
that that money can then be reallocated something because it was voted uh by the by the town meeting and by the by the the the override. >> We just need to not use it. >> Yeah. So, what what happens here is
typically we we submit this to the MSBA. They're going to take their share back. whatever that value ends up being, it's going to be a very low number, a couple million million dollars if you will. They're going to take their share back and the overall grant is going to be reduced by that. So, let's just say for sake of argument, if their their share
was $3 million, the $130 million will go to $127. That that that's that's known. The balance of that savings, say $22 million. You have I'm going to I'll give you three options. There's infinite options,
but option one is you keep all of it in the project and it all goes into your contingency. So right now the contingencies, worst case scenario here, your contingency would be 3.8 million and 1.1 billion. If we kept all
that money in there, you'd have $29 million in contingency there and 1.1 there. So the MSBA would would move it to construction. You could eventually move it from construction contingency to stock class if you ever needed it. Again, I've always told you assume
anything you spend at contingency is going to be all town money. The MSBA does participate up to 1%, but I usually say assume that's basically. So, most of the time I'm in a position where I tell districts that's what you should
do, but I've never had an opportunity where you had $20 million in savings. So the the the the first option was give it all back. Now this one is keeping it all, you know, something in the middle. And I just
split the middle right now, you know, picked down the middle. Uh >> hey, Greg. Uh Greg's hand was up. Oh, >> go ahead. Sorry. Mike, >> I guess I was gonna ask I was going to ask a different question, but now I'll ask
the question that just popped into my mind. Is do we have to make that decision now? Is that part of this filing is we have to decide and and direct you on how to how to complete this form and reconcile with the MSBA? Is that why this is coming coming up?
Well, we don't have to make it now, but we're not going to get an answer to the MSBA until we make our like when we we can report back to them that here's the values. They might start looking at what their share of the savings would be, but they're not going to officially respond until we tell them what we're going to
do. So, I think Jane is is probably anxious to to get that information out to the public. So, if we made the decision tonight, it would expedite that a little bit more. If we don't make the decision, there's no problem with that. we would probably bring it to you at the next meeting and make you know and try
to make it at that point. Uh so no no wrong answer here. It's whatever again whatever works for you folks. But um um yeah that that's I guess that's the answer. I guess the I guess the second the second question
and I'm not sure whether I'm confusing this with uh recal um and and maybe Jane you know the answer but I also was under the my my fuzzy recollection is that not all of even though the debt was approved by town meeting not all of the money was
borrowed at the same time. So there was an initial trunch and then there'd be a second trunch. And I guess my my opinion only is that um I I hate to lose flexibility and control over our own destiny by giving money back or taking
savings only to find out we need it later. And I think at least in my opinion unless there's an urgency to do so that uh you know reconciling when that second trunch of of of debt or borrowing occurs is probably a more
prudent thing to do than to worry about, you know, zeroing out and getting back to or reconciling back to some some number at this stage. >> Yeah. So like we don't need to necessarily kind of realize the paper savings so to speak. Um at this time
we've talked Sharon and I have talked about it um a few times and I don't want to speak for Sharon but my understanding is her plan is to ban um the rest of the borrowing through until the end and then
we'll the borrowing uh will be on the last that second tranch will be at the end and then we'll borrow what we need. um we will not have to um we don't want to be caught in a kind of a situation where we were with a library. We had money left on the books that we couldn't
spend because you have to spend it on a project sort of of equal magnitude. So um you we want to avoid that this time and just just borrow what we need to borrow from the project. So she's she's spent some time talking about that. Um the the first borrowing trunch is going
to hit tax bills this FY27 fiscal year. people will start to see that. Um, so, you know, to Ed's point earlier, kind of what's the timeline look like for the rest of the borrowing? Um, when will that come through and people when they
see that? So, that's that's up to Sharon and Diane, the treasurer, um, make those decisions. Um, but we can get those communications from them about what that's going to look like. But no, we don't need to we don't need to make that sort of level of decision now. Well, the other thing to keep in mind, too, so I
mentioned earlier, we're you're going to have three fiscal years. So, you're gonna kind of have three three bites at the apple, if you will, as you're going forward. The other thing to remember is you're going to borrow money that first year, and we're going to monthly submit propay applications to the MSBA. That's right.
>> And I I'll say within 60 days, probably faster, but within 60 days of you paying that money out, you're probably getting money back from the MSBA. your your reimbursement rate is about 52%. So roughly half of everything that's going out is
coming back basically. >> No, she's and Sharon's paying attention to that with her cash flow analysis. >> Yeah. So that that that will help you as well. But I think at the end of the first year, we'll have a better understanding than we do right now. at the end of the second year will have me better understanding and and and so I
think what I would recommend, like I said, almost every job I've ever done, I've always recommended the town and the district keep all of the savings. If you want to do that, that's fine. Um, if you said, "Hey, I I want to do half of it." In that scenario here, you might end up
with a total project budget instead of 130, it might be 117 or something like that. And in that situation, you you'd be taking back uh I I'm showing almost $13 million there. Again, if the MSBA is two to three, that
might be the town getting somewhere in the neighborhood of 10 savings now, but that still allows us to keep 17 million, which I I I can be confident to say we're not going to spend $17 million in contingency, but it's just there.
>> Yeah. I think also the usually on a job of this type the biggest risk is usually at start earthworks do >> you know and we have some potential contaminated soils you know or lowle
contaminants >> but you know that's it and then Joan once we're out of the ground >> the risk go down substantially and then when we start digging the old building up and demolishing that the risk gets a little bigger again but the value of that is a very small value. So, it's a
it's a potentially higher risk, but we've done some due diligence. We understand, we think we understand where the species might be in the walls, things like that. But, you know, maybe there's an underground oil tank that comes up that we didn't know about or something like that. Again, we we've tried to try to cover for all of those,
but I think it would be good politically to not to to try to give the taxpayers something back. In other words, not hold on to this money too long. you know, people are paying taxes. >> Uh, the questions are going to be us. >> Y,
>> it's coming 20 20 million dollars under budget. Why are we still getting the same tax increase that you told us we get? >> So, with the bands and the bonds, you're not going to borrow it all at once. So, even if we give the credit back now or we don't, I don't think it's going to
>> you're not going to see it as a taxpayer right now. what you going to at the end at the end of the three years when the construction's all done the final number you're paying is going to be a lot less than it would have been >> in three years
>> I want it now >> we can also update our once we all these dollars cents are kind of sorted out with the MSBA we can update our tax calculator online that's what I'm >> see what that looks like too and that'll
be really helpful if if um I I personally am not an advocate for giving money back now. Um however, to determine to determine if we're going to keep all of it in contingency or only give back a portion
of it, let's say half, does that affect like will will the MSBA their numbers aren't going to change? >> No. But what's going to happen is um we signed the 311. That's what this form we we signed the project funding agreement. Yeah. the the 311 is just the name of this form. >> Sure. >> That defines the number.
>> Sure. >> The MSBA when CO came they they they made an exception but 99 out of 100 times they only let you amend that one time and that one time is after the contractor bids on every job we do it. We we
substitute the estimated value for the actual value whether it's above or below or whatever and then they make an adjustment and we're going to get that back from them. We're going to get an update on this and everybody's going to have to vote on it. And if you remember, I'm going to scan at the bottom here. We
have a spot here for the chair of the school building to sign, for the chief executive officer, that's the town manager to sign, the superintendent of schools to sign, and then for the chair of the school uh committee to sign. So, you you folks are going to vote on that
new number. So, let's just say we didn't give anything back. the 130 goes to say 128 or 127 or something like that. At any time you can decide that you want to return $10 million and it's it's going to be no
harm. It's just in your budget you're going to reduce your that 127 down to 117 and the MSBA's budget. The 10 million is still there. You're just not spending it. Like they're going to keep it in their budget. We just wouldn't keep it in ours. And I think the other thing we could do, we have our typical
budget format. Um, we have a hard cost contingency line and a soft cost contingency line. I'm showing this right now as all the money go to the hard cost side because that's how the MSBA is going to show it. We could probably add a third contingency line. Uh, I was
trying to come up with a creative name on it. I called it the rainy day fund maybe. So you keep your hard cost where it would have been, keep your soft cost where it would have been, and keep whatever percent you save on its own line. So if you ever got to a point where you were spending it, you would know you were spending it.
>> I've seen that as like owner's construction contingency, which is confusing, but stuff like that. I wonder if the MSBA has a like rule on this potentially. >> They're going to just say it goes to construction contingency. That that's that's their rule. And and again, I've
had towns that uh say, "Well, I want to spend a little bit more on FF&E, so I'm going to move a million dollars FFN." And the MSBA says, "That's fine. What's going to happen is you're going to sign this agreement with it in construction and then you're going to move it and we
do a thing called a BRR budget revision request and we move that money from construction contingency to soft cost contingency or we move it right to FFA and the MSBA will get that and they'll say that's fine it's ineligible it's all to
>> and does this does this value or the determining if we're going to keep the full amount or full part of it does that affect your fe the fees and alex fees. >> No, it does not. >> So, yeah, it will um whatever your savings or your share is
is your share. >> Hey, Carlo. Nancy had her hand up for a while. I just want to double check. Do you have anything to say, Nancy? >> Yeah. No, my only question was does this make a difference with the uh MBA? But the it sounds like it doesn't. So, I'm
I'm all for leaving the full amount for now until we know for sure that this builder will be able to deliver what he's says he's going to deliver. So, I wouldn't mind keeping it until the second trunch of funding or some other time in the future.
Yeah, I think Nancy and I both go back to the library where we had to go back to town hall and actually ask or town meeting and ask for more money which was not fun. >> Not fun. >> Um and then the other is that if there's no if there's no rush to do it now, no
penalty to do it now. Um then keeping that that flexibility I think is good. The only other question that came to mind was um and Jay maybe you know the answer. What what happens to money that we do borrow but don't spend? Where does
it go? >> Purgatory. That's finance purgatory. So it it stays in the account because it's been approved by town meeting to be spent that way. And what you'll see sometimes is we'll have projects that
come forward and we can because it's a similar type of project um we can apply those those extra funds to a to a new project. And you see that's we we are doing the high street project downtown with um project funds from other
projects that uh we had savings on. Um, and I think we applied savings from the library project that's 10 years old to this project. Um, so we don't we really don't want to have too many extra dollars floating around if we don't have to. >> I just want to say I don't think we
should aim at that situation, >> right? >> No, but we should aim at giving as much as we can back to the taxpayers. >> Yes. >> Yeah. Yes. >> So we should have a philosophy which says it's not our money, it's not your money, it's not your money, it's the taxpayers's money. Yeah,
>> they are. They deserve to get it back as soon as possibly they can, as soon as it's proven to do so. >> So, >> and I don't agree with Nancy, which says hold it on till the end of the job. Absolutely not. I think we need to start getting it back pretty damn quick. >> So, we haven't borrowed it yet. Sorry.
>> We're not actually taking the money. It's there, but um Sharon's process for that third year is going to be the same. She's going to be trying to calculate what is our end date, what is the end amount of money that we need. She's only going to borrow
what we need. Absolutely. We're going to have all that extra money sitting there, but we will never have borrowing. So, the taxpayer will never have to pay on >> her process is still the intention here from the get-go is to borrow only when
we need. We have already borrowed some money in the first trunch. We got our AAA bond rating when we did that work and so that also means savings to the taxpayers and that is what she's using to fund the project right now and so I then we will ban which is a different
financial instrument um and that is sort of like short-term borrowing um what we need to get through to the end and then you do that major borrowing at the end from what we have left that we're obligated to pay. How long does that first borrowing tranch
last us? When when will that money run out during during construction? >> I don't know the answer to that. >> Yeah, but typically what I would say is you what I usually see is you're going to go for a band in say July. >> Yeah.
>> And you're gonna >> you're gonna secure enough money for that whole fiscal year. So from July of 26 to July of 27. Yeah, >> Justin always shows our cash flow. This is based off the old numbers and I always we always tell you we assume we're spending every dime because when
you're doing your borrowing that's that's what you're going to So looking at that right now the estimated value today was theoretically 11.5 million. We've actually spent a little bit less than that. But if I go out a year to July
it's it's 87 million. So quick math 87 - 11 is 76. So my guess is that Sharon is borrowing something less than 76 because half of that is going to be reimbured
back to the NSBA. So, she might borrow 50 million or something like that in that first. Again, I don't want to go too far down the the rabbit hole because this isn't my expertise, but she's going to borrow something to cover that first year assuming that like every 60 days or so, you're getting a payment back from
the MSBA. >> But is she going to borrow assuming that construction budget is going to be what the bid price is? >> Well, this right now is not showing that. So, what I'm saying is worst case scenario, >> I think. I think you should respect that. >> You should. Absolutely.
>> You know, we should not ignore the fact that the job came in under budget. Taxpayers deserve to get some money. >> Yeah. >> Even though it's paper money and they haven't spent it, it's still, you know, >> I know what you mean.
>> Yeah. Yeah. I I I feel um Yeah. So, she said that the first uh tax payment on the first borrowing will be the first invoice at FY27. That's when the um the the first payment
on the excluded debt people will start to see in their taxes in July of 27. >> Yeah. FY 27. Yeah. FY 27. FY July. Yeah. >> So, so we wanted
>> I'm hearing sounds like we could keep it all in for now. potentially. Um, if we want to vote for that tonight, that would be great. If we don't, that's fine, too. I don't want to make anybody make, you know, I will tell you most districts it probably goes for one, two,
maybe even three beatings before they make that decision. But that just means that what happens is the the the agreement doesn't get signed quicker and eventually we end up running into a situation where we're asking for payments from propane and you're not getting it. So the quicker you make it, the quicker the MSBA comes to their
decision, you get the final number and then those reimbursements on the propay become, you know, are a little bit easier. >> What um what what value would um for a construction contingency, right? If you could have a perfect number in
there, what would you put? >> So on a lump sum low bid job, which what we're at, somewhere between three and 5%, like 3% is probably as low as I'd go. 5% >> of construction >> of the construction value would be. So
if you're at 5% of 75 million, you know, you're only at three and a half million, four million like so where we're at 29 million right there, >> right? >> Or or that 29 will actually be down again because I again the site work and stuff like that, but it's still could be
as much as say 27. >> But we could safely take 10 million. Yeah, that was I was going to say even even if we I'm going to propose that we lower the construction contingency to 20 million. Um we won't we don't have to we
can do a straw vote today. Um if if if you want to go back to the MSBA just saying this is situation we're in this is what they're thinking about doing like what do you think? >> Do you have any advice? Yeah, because they may, you know, they may say, "No, we've never seen that before, but this
we feel strongly about this." And then maybe we'll put on the agenda for the next meeting and see if we want to. >> I think that's fair. >> Notice to proceed, >> right, right? None of this affects the notice. >> Yeah. >> Go, Josh.
>> Yeah, Greg is Greg's hand is up. Just want to get his thoughts and opinion. >> Thank you. Yeah, I was just going to expound a little bit on your suggestion. I think maybe tableabling this and making an agenda item for the next meeting. I
think what would be helpful and I I wholeheartedly agree with John that um we shouldn't just arbitrarily borrow all the money that was approved by town meeting knowing what the bids came in at and what we're anticipating executing from a contract perspective. uh because there's no reason to hold on to that
money in some sort of construction cough or not knowing how much or how quickly we're going to need to use it going forward. But I think it would also be helpful if um if if at the next meeting we could get like kind of a a timeline
of the borrowing and then you know what anticipated amounts or how that reconciliation in that last round of borrowing would go just so we can we can have a better sense for and to John's point from much earlier and I agree with this as well the the
amount of risk on the project will decrease over time. You know, the the the design contingency should be fairly low at this stage because we've issued CDs and we've got bids, but there's construction contingency. But, you know,
the unknowns are what's in the ground. Um, unfortunately some of the unknowns, what's in the building that will get demolished at the end, but I think to the point John made earlier, the the further we get down the road of construction, the more comfortable I would feel with
reducing the amount of hedging that we make on the project by holding on to excess approved budget above and beyond what the the bid and contract values are plus contingency. So, I think understanding that timeline and that
process a little better, um, I think would help inform that decision maybe at the next meeting. >> Absolutely. >> CFO. Anyone else? All right. Uh, all right. So, our project budget.
Um, so as we next meeting, I think or uh maybe the meeting after that, we'll have our updated um figures in here that carries the actual construction subtotal now with bid uh bid savings and and uh bid numbers. Um for right now we have
we're just showing the 101. Um so for architectural and engineering we have uh expenses to date uh 6,762,000 uh with a balance of 4,132,000. For uh administrative costs, we have
spent uh 2,594,000, a balance of 5,974,000, and have an FF budget of 3.1 million. Uh like I said, these these totals will be adjusted as we uh have an
understanding of what we're going to be putting in contingency and um and how we're going to move forward project budgets. But for right now, it's still reflecting $120,655. Uh no, no budget adjustments this month.
We have one uh one commitment. This is for the Daily Times Chronicle. This is the uh I think this is the readvertisement of the um of the trade bids fee. That's for $473. And I think we have six invoices.
Uh Nancy, you'll notice the total for LBAS that's broken out is over to the right. Let me do the votes. Uh we have two invoices from David Dele. This is the uh the writing I'm saying the writing cler you guys call him the the whatever the works. Um
but uh David was brought on by the town to assist the facilities department. And then we have uh Collier's project leaders invoice, LBA's invoice, and then that daily times chronicle invoice, then uh bid dogs, which was our bid uh hosting website.
N you want to make a motion? >> Yeah. Do we need motions right now? Do we need to have the commitment first for uh Daily Times Chronicle? >> Uh sure, if you want to start off that. Yeah. >> Okay. Move to ex uh to accept the commitment to Daily Times Chronicle for
$47353. >> Second. >> Seconded by Ed. Any discussion for the vote? Pat, >> yes. >> Sean, >> yes. >> John, >> yes. >> Chris, >> yes. >> Ed, >> yes.
>> Greg, >> yes. >> Nancy, >> yes. >> And Carla, yes. that pass it. >> Okay, now for the invoices. Um, uh, move to accept the two invoices from
David Deair. The first for $1,800, the second for $1,500 for a total of $3,300. >> Second. >> Seconded by Ed. Any discussion? >> Yes. >> John? >> Yes. >> John? >> Yes. >> Chris?
>> Yes. Ed, >> yes. >> Greg, >> yes. >> Nancy, >> yes. >> Carla, yes. >> Uh, move to accept and pay the invoice from Collers for 56,333
uh with the invoice number 1183159 and dated June 4th, 2026. >> Second. >> Seconded by Ed. Any discussion? Pat, >> yes. >> Sean, >> yes. >> John, >> yes.
>> Chris, >> yes. >> Ed, >> yes. >> Greg, >> yes. >> Nancy, >> yes. >> Carla, yes. move to uh accept and pay the invoices from LBA
uh invoice number 23807 dated 610 for the total amount of $146,892.32 >> second >> seconded by Ed. Any discussion on the vote Pat
Sean? >> Yes. Oh, thank you. Sean, >> yes. >> And John, >> yes. >> Chris, >> yes. >> Ed, >> yes. >> Greg, >> yes. >> Nancy, >> yes. >> Yes. >> Uh, move to accept and pay the invoice
from the Daily Times Chronicle number 26048 dated 42726 in the amount of $47,353. >> Second. Seconded by Ed. Any discussion? One further vote. Pat, >> yes.
>> John, >> yes. >> John, >> yes. >> Chris, >> yes. >> Ed, >> yes. >> Greg, >> yes. >> Nancy, >> yes. >> Carla, yes. And finally, uh, move to accept the bid doc's online invoice, uh,
number 26-GK5-1 dated 511 2026 for $450. >> Second. >> Seconded by Ed. Any discussion for the vote? Pat, >> yes. >> John, >> yes. >> John, >> yes. >> Chris, >> yes.
>> Ed, >> yes. >> Greg, >> yes. Nancy, >> yes. >> Carla, yes. Thank you, Nancy. Thank you, Ed. >> Uh, this is our uh forecasting log just to track any uh potential costs that may
come up down the line. I think we have these some of these be updated. This has already been factored into the budget as far as commitment. Um but as we move into construction the total value as far as any uh PCOS which are individual cost
items or change orders uh that are coming from the contractor will be the total will be reflected here and then we'll have a log that shows uh all of those individual uh PCOS and kind of the status of each and where we are with working out details.
Uh, so our cash flow, Mike kind of uh touched on some of the items for the cash flow. I think I've gone over some of the stuff, but basically the cash flow uh incorporates spending everything uh throughout the month um or throughout each month. So that there's values from
you know construction contingencies uh owner contingency and then the different uh buckets throughout the the project budget. Uh right now we uh are trending a little bit below what was initially uh projected but that's incorporating all
of that value um across the board. Uh we're currently have a to date 9,356,660 um show on the graph kind of how we're trending just below this. As we move to construction, we
will start to rise in value of money we're putting out with the different uh construction requisitions. >> Are you going to change the green line to reflect a bit? >> I was thinking about it a little bit and I was going to talk to Justin afterwards. I think what I might suggest
is we might at least short term another line maybe like have the green line to show the original budget and have the another line that shows something less than that and it's probably going to be a flatter because we're not going to be spending as quickly.
>> Um but I I think maybe having the green line in there might so let us come back to you for at the next meeting but we'll come up with something that shows at least at least two options. >> Yeah. And as we bring as great is on board and they they were set up um
properly work but we will work with them to get uh cash flow and then we'll update this but pretty much only updated it once with that cash. >> That's it for project budget this month. Any uh questions? >> All right.
So, all right. Uh, we are currently at, uh, the notice proceed, this blue line right here. Um, we are looking at construction for about 438 days. Um, looking to be substantially complete uh,
by January of 2028. uh looking to get our occupancy uh a TCO that same time frame and then uh be ready to move into that school right around February for 18.
Um as we discussed earlier we'll be be issuing a notice to proceed. I believe the contractor can't mobilize until its kids are out of school, which is the 22nd. And um we'll have more information once we
start break. >> I should just tell the committee too that um Lindsay is planning a um a groundbreaking for the students. Um just a short type of um groundbreaking for them just to get them involved in case
ours is over the summer. um on June 17th at two o'clock. Um so should be fun. I think she's gonna do a little presentation, show them some pictures of classrooms and things like that and then um they'll be outside with shovels and dirt and stuff like that. We'll do our
formal groundbreaking um later on. Want to accomplish startation. >> Right. Put them in the right spot so we >> Right.
Okay. Um let's go to um approval of the 521 meeting minutes. I just have one other quick thing before you turn. Show us on the schedule. We'll kind of touch base on it already. So, we're going to give a notice to proceed
tomorrow. >> Yeah. >> Um Joshua's already pulled together most of the contract documents like the draft documents and we're going to be sending those over to Brad. Um they basically have about five days to respond. If they take a sixth day, we're not going to
hold that against them. But, uh I I did talk with their project executive. He's very excited. looking forward to get, you know, getting going. Um, we'll within probably by the end of this week, we'll have something on the calendar for a kickoff meeting and the design team
will walk them through kind of the expectations and and walk us through and we typically go through that in in in detail. They're going to have a lot of questions about site logistics and stuff like that. I think I told you always more we we spend quite a bit on site logistics and no matter how much time
you spend on it, when the contract gets on board, they're going to have different ideas. So, we're going to work with them and and kind of collaborate with them. Um, if what they're asking to make any adjustments doesn't affect the students, then it's an easy yes. If it
affects the students or or the neighbors or things like that, then we've got to talk to them about that. We we always want to give them the flexibility uh in and the the greatest ability to succeed, right? You know, because if they succeed, then we succeed. If they don't succeed, it it makes a mess for all of
us. But just that's short term that's the calendar. I think at the next building committee meeting I'll ask for break to come and just say a few words just so you can say hi to them. Um and we've got our site representative uh going to be meeting with you folks next
week and then um we'll be off to the races. Sorry. >> Thank you. Um do we have a motion to accept the u 52126 meeting minutes? Uh, so moved.
>> Second. >> Seconded by Ed. Um, I'm not going to vote because I wasn't here, but um, any discussion? Uh, going to the vote. Pat, >> yes. >> Sean, >> yes.
>> John, >> yes. >> Chris, >> yes. >> Ed, >> yes. >> Greg, >> yes. >> Nancy, >> yes. >> I will not vote. So, um, and that motion is approved. Um, and so for future
meeting minutes, they're in the packet as well. And XLT meetings. Um, anything else. >> Move to adjourn. >> Is there a second? Ross. >> Second. Seconded by Nancy.
Non-debatable. Uh, Pat. >> Yes. >> Sean. Yes, >> John. >> Yes, >> Chris. >> Yes, >> Ed. >> Yes, >> Greg. >> Yes, >> Nancy. >> Yes, >> Carla. Yes. And we're adjourned. 821.
Thank you everyone. >> Congratulations everybody. >> Thank you. >> Seems have a great night everybody. Is >> our next meeting going to be