AMHERST — A new elementary school’s anticipated cost to Amherst taxpayers could be cut by nearly $10 million following a decision by the Massachusetts School Building Authority’s directors to increase the state’s reimbursement rate.

The MSBA last Wednesday raised the construction cap and site caps from $432 per square foot to $568 per square foot, a decision that Anser Advisory of Boston, the town’s owner’s project manager, estimates could save the town $9.7 million.

More than 80% of voters in May supported the Proposition 2½ debt exclusion for the $97.5 million project, a 105,750-square-foot building with net-zero emissions, that will serve 565 K-5 students at the current Fort River School site on South East Street when it opens in fall 2026. At the time of the vote, the state was pledging to cover as much as $40.5 million of the costs.

Specifics of how the state grant will be affected by the MSBA decision won’t be known until a new funding agreement is signed between the town and the MSBA.

“The vote of the MSBA is a vote for our taxpayers, reducing the amount property owners will now have to pay for our new elementary school,” Town Council President Lynn Griesemer said in a statement. “The support for the new elementary school has been a priority for many town councilors for a number of years.”

Griesemer thanked State Sen. Jo Comerford, D-Northampton, and State Rep. Mindy Domb, D-Amherst, for their advocacy for the additional funds in the face of rising construction costs.

The Town Council has both authorized borrowing for the new school and allocated $5 million from reserves to reduce the impact on taxpayers from the project, which will replace the 1970s era Wildwood and Fort River schools.

Town Manager Paul Bockelman  also said he appreciates the advocacy of town councilors and state legislators, adding that town staff and the Elementary School Building Committee, chaired by District 1 Councilor Cathy Schoen, will continue oversight of managing costs and seeking additional money from other sources.

In fact, recently the building committee agreed to a series of engineering and design adjustments from DiNisco Design Inc., of Boston, that are bringing the construction costs down to $81.29 million, or $44,860 below the $81.34 million in construction costs contained in the funding agreement with the MSBA.

Actual project costs will be known in the spring when construction bid documents are advertised and companies respond.

Schoen praised DiNisco for its work in keeping to the budget. “Amherst is fortunate to have a skilled and diligent DiNisco design team and energy consultants,” she said.

Scott Merzbach can be reached at smerzbach@gazettenet.com.