The Financial ABCs of the Proposed High School Renovation

The town's share of the proposed $52 million East Hampton High School renovation project will be $28.6 million and the state will reimburse the town $23.4 million for the "renovate-as-new" plan.

A financial breakdown of the proposal, provided to the town's Finance Department,also indicates that the project's total construction costs will be $42 million.

The school building committee is currently reviewing the overall costs of the high school renovation plan after the Board of Finance last week voted 5-2 to reject it, citing concerns with its overall costs and the inclusion of proposals to move the Board of Education offices into the renovated high school and to install athletic field lights at the school.

The building committee is hoping to meet soon with the finance board, the Town Council and the Board of Education to hammer out a new plan to submit to the finance board for approval.Here, according to the financial breakdown provided to the town by the building committee, are the project's major costs:

• Architectural Design: $2.7 million
• Professional Fees: $3.1 million .... Includes $1.75 million for project management, $430,000 for bond interest and origination fees, $125,000 for insurance, $125,000 in moving costs.
• Construction: $42 million
• Furniture & Equipment: $2 million
• Contingency Account: $2.6 million