Because of the sinking economy and struggling financial markets, school Superintendent Philip Streifer said tonight that the Board of Education plans to put off the $130 million school project for up to three years.
He said the plan is to do minimal work each year until 2013 so that the two new schools can open as late as the fall of 2015 without giving up the state reimbursement rate of 74 percent for the project's cost.
City councilors, the Board of Finance and city Comptroller Glenn Klocko praised the move as a wise fiscal decision.
If the economy improves faster than expected, the timetable could be speeded up.
Later tonight, if things go right, I'll post the memorandum that Steifer gave to city officials.
More on all of this later, of course.
PS: Is the live feed of this meeting on cable TV working? Someone told me it isn't.
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