The building project is well underway and significant progress has been made since our last issue. A brief summary of the current status is provided below.
~The Wellesley School Building Committee
The Building Emerges
The steelwork began in earnest in March and the building has started to take shape. The project is on schedule as follows:
- Structural steelwork to be complete July 2010
- Exterior walls to be complete January 2011
- Interior framing to be complete February 2011
- Interior construction to be complete March 2012
- Faculty and staff move in August 2012
- School opens for classes September 2012
As of June 1st, 2970 pieces of steel have been installed, which is over 61.5% of the total steel. There will be 4830 total pieces of steel in the building.
Building C is 100% erected; Building D is 98% erected; Building B steel began yesterday and is anticipated to take two to three weeks; Building A steel will begin late June with total steel erection completed in mid-to-late July.
Concrete pours for "SOD" (slab on deck, floors above the 1st) began in Building C in early May. Pours average 215 cubic yards, each concrete truck can carry 10 cubic yards. Concrete pours for "SOG" (slab on grade, 1st floor) will start in late June, once underground plumbing and electrical work is complete.
Guaranteed Maximum Price Very Favorable
In February 2010, the Permanent Building Committee (PBC) evaluated all sub-contractor bids filed. Also at that time, Turner Construction evaluated all non-trade bids.
Following these reviews, the PBC and Turner Construction compiled and executed the Guaranteed Maximum Price (GMP). Projected Soft Costs and Contingencies have been held to initial levels as no new information warranted reduction at this time. As a result, the current estimated project cost is $115.2 million. This is compared to initial estimates of $130.8 million in October 2008.
MSBA Reimbursement Proceeding
The Town has continued to receive monthly reimbursements form the Massachusetts School Building Authority (MSBA) for eligible costs at 40%.
Because the costs of the construction are lower through the GMP and the reimbursement is a percent of costs, the estimated MSBA grant will be lower. The MSBA grant is now estimated to be $41.0 million. This brings the net cost to the Town to $74.2 million. Compared to initial estimates of $86.8 million, this is favorable news indeed.
Debt Issued at Excellent Rates
As the financing of the High School Building Project proceeds, the Town has completed two debt issues at rates significantly lower than the 4.5% rate projected in October 2008:
1. In June 2009, $14,915,000 was borrowed for a 20-year term at a total interest cost of 3.306%.
2. In March 2010, $35,000,000 was borrowed for a term of 25-years at a total interest cost of 3.585%.
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SBC Members
Katherine L. Babson, Jr. Chairman Selectmen Representative
Steve Baker Citizen-Architect
Tom Goemaat Citizen-Contractor
Steve Gagosian Permanent Building Committee (PBC) Representative
Kathy MacDonald Advisory Committee Representative
John Moran Town Facilities Director
Hans Larsen Town Executive Director
Suzy Littlefield School Committee Representative
Kathy Mullaney PBC Projects Administrator
Cynthia Westerman Citizen-Project Manager
Bella Wong Superintendent of Schools
Andrew Keough WHS Principal
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