A proposal to spend $29 million on a Lincoln School building project fell well short of the two-thirds approval required for approval at Town Meeting on Nov. 3, when residents voted 370 to 321 in favor of the plan. The $49.9 million project called for major renovations and some new construction at the school. The town's share of the project would have been $29 million, with the state offering a grant of $20.9 million. Jennifer Glass, chairwoman of the School Committee, said officials must now decide the next step. "The School Building Committee will now move forward to determine whether there is a way to satisfy some of the concerns that were raised, or whether Lincoln will have to forfeit the opportunity of an unprecedented level of state funding,'' she said. The School Committee and School Building Committee were scheduled to meet Thursday.