The city has
received updated pricing information from the contractor for the cast iron
water main replacement program.
The 20-year
project is estimated to cost $145 million and the 2016 construction cost is
$4.4 million. The current rate is $566 per foot. Under the local improvement
program (LIP), the homeowner is responsible for 30 per cent of that.
Josh
Mickleborough, director of engineering with the city, said for homeowner’s
portion of a 50-foot lot would be approximately $8,500, a 33-foot lot would be
about $5,600 and a 25-foot lot would be approximately $4,300. Payments can be
added onto taxes over a 20-year period at a four per cent interest rate. Residents
will not be invoiced until all of the work in phase one is finished.
“The way that
the LIP is structured is it’s based on assessment frontage and as a city, we
would want to respect people’s property and there are some options that they’re
going to have,” said Mickleborough.
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