By MARK SARDELLA

WAKEFIELD — Assuming that the timetable plays out as anticipated, a Special Town Meeting and a Special Election would be held just after the New Year for Wakefield voters to decide if they want to authorize and pay for a proposed new Wakefield Memorial High School building project that will cost in excess of $220 million.

With key votes on the horizon for the proposed new high School, the latest cost estimate for the project will be revealed at a public forum on Oct. 18. That number is expected to be significantly higher that the previous $220 million estimate.

Two days after the Oct. 18 public forum, the Permanent Building Committee is expected to vote on submitting the schematic design for the project to the Massachusetts School Building Authority. The MSBA Board is expected to vote on the plan at its Dec. 21 meeting.

Approval by the MSBA Board of Directors would establish the MSBA’s level of participation in the proposed project.

Typically, when school districts partner with the MSBA on a school building project, the state agency funds approximately 50 percent of eligible costs. But the proposed new high school includes space and features that exceed or fall entirely outside of MSBA eligibility guidelines. Based on the earlier estimates, Wakefield’s share of the cost would be about $163 million (74 percent), with the MSBA covering $57 million (26 percent).

Assuming MSBA approval in December, a Special Town Meeting would be held in January to vote on the funding. If Town Meeting approves the funding, a Special Election would follow (likely in March) where local voters would be asked to vote for or against authorizing the project. That was the timeline laid out by Town Administrator Stephen P. Maio at the Sept. 28 Town Council Meeting.

At that same Town Council meeting, Permanent Building Committee Chairman Joseph Bertrand acknowledged that the new cost estimates to be presented at next week’s public forum will likely be higher than the previous $220 million number.

“I would anticipate that it’s going to be higher than that number,” Bertrand said. “But I certainly would not estimate what it’s going to be. We’re just going to have to wait and see.”

Inflation, soaring construction costs and supply chain issues are among the factors being blamed for the expected higher price tag.

If the school district secures community authorization and financial support for the new high school, the MSBA and Wakefield would enter into a Project Funding Agreement, which defines the scope, budget and schedule for the proposed project.

The planned the new high school would be constructed on the current site of the Shaun F. Beasley Track and Field in the rear of the current high school building. Students would continue to attend classes in the current building while the new school is under construction. Once the new building is completed, the old building would be demolished and the Beasley Track would be rebuilt on the site of the old high school.

A municipal ballot question committee calling itself “Yes for MWHS” has been formed to support and advocate in favor of the new Wakefield Memorial High School building project. The group’s Statement of Organization filed with the Town Clerk lists four men as officers: Michael Scollo, Andy Bray, Ken Duval and Robert Bradley.