Educational Video #5 on the Coakley Middle School project includes information on the financial impact of the proposed project.
Independent cost estimates are conducted throughout the project process. The cost per square foot estimated for the project – $606 per square foot – currently falls below the average cost of school construction projects in a similar timeframe, according to data from the MSBA. This cost per square foot also includes the cost of the synthetic turf field and lighting.
As part of the partnership with the MSBA, the Town is reimbursed a percentage of the project cost, the amount of which is based on MSBA-determined eligible costs. The remainder of the project cost is fulfilled by the Town. At this time, the project is estimated to cost a total of about $150 million, resulting in a current expected town share of approximately $104 million with an MSBA grant (approved on March 2) of up to approximately $46 million.
A tax impact calculator is located on the project website for residents to learn more about their expected tax impact.
View all Coakley Middle School Project Educational Videos here.