DEERFIELD — The bids are in for the 1888 Building rehabilitation project, with the lowest one coming in at roughly $5.93 million.

While bids were received earlier this month, Deerfield will wait until after the June 23 Special Town Meeting to accept them, as Town Meeting approval is necessary to register a notice of federal interest to secure a $4 million congressional earmark, which will fund the construction of the building’s addition. The historical rehabilitation work will be funded by $3.8 million in Community Preservation Act money.

The 1888 Building Advisory Committee Friday morning recommended the Selectboard accept W.J. Mountford Co.’s $5.93 million bid, which was the lowest submitted to the town. The committee also recommended residents approve Article 1 on the Special Town Meeting warrant.

“That number is going to allow us to carry a much higher contingency (10%) through the project,” Town Administrator Christopher Dunne wrote in an email, “which is great on a project that involves a substantial renovation of a historic building.”

Dunne noted P-Three Inc., the owner’s project manager, “confirmed they are happy with the result as well.” P-Three is also the project manager of the Tilton Library expansion project, which is on track to save enough money to add a canopy to the building.

W.J. Mountford Co., which was founded in 1989, has experience in Massachusetts municipal projects, as it built the Longmeadow Adult Center, the Longmeadow Department of Public Works, the Chicopee Public Safety Complex and the Westhampton Public Safety Facility, among others, according to its website.

There were 10 bidders on the 1888 Building project, which will see the old grammar school turned into a modern-day town hall. Bids ranged from W.J. Mountford’s low bid to a high bid of $8.2 million.

Selectboard member Tim Hilchey, who serves as the board’s liaison for the project, said the abundant interest from contractors helped the town get a great price, which will allow for more flexibility as it moves forward. CPA money that is leftover from the project, if there is any, will be returned to the town.

“I’m thrilled we had so many general contractors express interest in the 1888 Building project,” Hilchey said. “The competitive atmosphere helped us secure a great winning bid that came in below $6 million.”

Special Town Meeting is set for 6 p.m. on Monday, June 23, at Town Hall, 8 Conway St. If the federal notice of interest is approved, the Selectboard will move forward with officially awarding the bid.

“The idea is to not sign the contract until we know the money has been obligated,” Hilchey said at a brief June 9 Selectboard meeting.

Chris Larabee can be reached at clarabee@recorder.com.