Prescott’s new water tower is set to cost nearly a million dollars more than originally projected.
The Town of Prescott has awarded a contract to build the new tower to Landmark Structures, a company specializing in water tanks based out of Burlington.
According to a report from the town’s Director of Operations, Nathan Richards, the expected cost for the project is now $7,536,605.
That’s about $700,000 more than town staff projected in 2021, which Richards attributes to inflation.
He also says the majority of the funding for the project comes from grants.
“About 67 percent of the project will be funded through federal and provincial funding,” Richard says. “4.6 percent, through the sale of land and money from [Augusta Township], and then the town reserves will be 28 percent.”
Council voted unanimously to award the contract at Monday night’s meeting.