AMESBURY — The amount of a debt-exclusion vote planned for October to pay for a new elementary school appears to have dropped by almost $2 million.

The new school would be built next to Cashman Elementary School on Lions Mouth Road. The city is in the schematic design phase of the Massachusetts School Building Authority's new school building process.

Boston-based DiNisco Design is handling architectural duties for the project, so company President Donna DiNisco and principal Vivian Low gave an updated presentation Monday night to roughly 40 residents at Amesbury High School.

The initial, estimated $62.5 million proposal would have cost the city approximately $37.3 million, or $450 annually over 20 years for the average property taxpayer with a home valued at $400,000.

But a new $60.5 million price tag for the project is now estimated to cost Amesbury $36.2 million, or $370 annually for the average taxpayer over 25 years, according to the presentation Monday.

The City Council recently gave a first reading of an order that would authorize a special election to deal with a potential debt-exclusion vote Oct. 8. The council is expected to vote on the matter at its meeting July 9.

Staff writer Jim Sullivan covers Amesbury and Salisbury for The Daily News. He can be reached via email at jsullivan@newburyportnews.com or by phone at 978-961-3145. Follow him on Twitter @ndnsully.