Town officials set aside $43 million to rebuild Old Greenwich School earlier this year but were told that was never going to be enough to cover the expected cost to rebuild the 122-year old school. The building committee, an all-volunteer group coordinating the pre-construction tasks, is now seeking $1.96 million, a roughly $700,000 increase from the request made in March, to fund the “owner’s contingency” — money held in reserve to pay for unforeseen issues or cost overruns. The building committee is working with Downes Construction Company and others to rebuild the school. Owners contingencies on projects like this typically range from a minimum of 5 percent to 10 percent, officials said. The $1.96 million request would put the Old Greenwich School project contingency at 7 percent, if approved. The building committee plans to take the project out to bid in February and start construction in the summer. That timeline, however, is contingent on BET and RTM approving the funding at their next meetings in December and January, respectively.
https://www.stamfordadvocate.com/news/article/old-greenwich-school-contingency-fund-19934873.php