The city council will hold a public hearing on a $37 million bond authorization for the renovation of the McKinley School at its next meeting on Monday, Jan. 26.
The city has already approved $6.5 million for the project, which will create a mixed-use facility with an early childhood center for the Revere schools, space for the Revere Retirement Board, and the new location of the Metro North Regional Emergency Communications Center (MRECC) along with Winthrop and Chelsea.
State funds totalling about $20 million should cover the majority of the cost for the MRECC portion of the project, according to Richard Viscay, the city’s finance director.
The bond authorization for the full $37 million is necessary to execute the contract the city would have for construction at the McKinley School. Viscay said the city already has contracts with an owner’s project manager and an architect on contract with existing funds.
“But the building project itself requires a bond authorization for me to authorize signing the contract; $37 million is the estimated gross funds needed,” said Viscay. “We do anticipate upwards of $20 million back from the state 911, but they don’t allow me to bond for the net amount.”
Viscay said there will be a more detailed presentation on both the financing and on the construction project itself from himself and planning director Tom Skwierawski during the public hearing on Monday, Jan. 26.
“We just want to get this queued up because we have 30 days to execute the contract with the construction company that won the bid, and if we put this on the 26th agenda, then we will be able to sign the contract and get going,” Viscay said.
If there is any money from the bond authorization left over after the project is completed, the finance director said the city can either rescind the bonds or it could repurpose the bond authorization for another project that would be similar in length.
“We can’t use a 30-year debt to buy vehicles, equipment, but we can use it for another infrastructure project,” said Viscay.
