MARBLEHEAD – A new preliminary estimate puts the cost of a custom-designed new Glover School at $26 million, nearly $3 million less than the $28.8 million project the Glover School Committee brought before Town Meeting and the voters last spring.And the committee had more good news about money at its meeting Wednesday night. After nudging the town to consider its Model School program, a program the committee ultimately decided not to pursue one month ago, the Massachusetts School Building Authority has decided to provide the town with 40-percent reimbursement for the Glover project as long as the town acts favorably on the revised school proposal this spring.The reimbursement would bring the town’s share of the cost to around $16 million.The MSBA no longer grants 40-percent reimbursement on school projects, but Marblehead began its process before the MSBA reimbursement cutback and the town is continuing its original feasibility study.Committee Chairman Patricia Blackmer said the MSBA has already confirmed that reimbursement figure verbally and is scheduled to send the committee a written guarantee.With the Glover Committee present, School Committee Chairman EuRim Chun livened up the discussion when she asked committee members if they were satisfied with the $3 million reduction.The committee will continue to study cost reductions with architect Greg Smolley and Owner’s Project Manager Chuck Adams, but Adams cautioned the committee that construction costs could increase next year.Adams gave the committee some data compiled from MSBA records showing that the average estimated cost of the nine school construction and renovation projects the MSBA approved this year was $291 per square foot and the average actual cost was $227 per square foot, but the two most recent projects bid out to $255 per square foot.He described the construction market, which has been low in recent years, as "volatile" and pointed out that union labor costs will be up 3 percent next year."We will see a cost increase next year, but no one wants to guess what it will be," Adams said. He estimated the cost of the Glover design at $311 per square foot.Glover Committee members unanimously named Robert Schaeffner, an architect, as co-chair. Blackmer nominated him. "It’s time to expand the leadership roles," she said. "Bob is a member of the committee and he’s in the construction field and he can act as a spokesperson."