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.