Terris Cates with Integrity Engineering gave city officials a proposal to repair and the city’s two water towers that comes with a price tag of $523,975.

The city has known for over a year that major repairs were needed on both towers. Most of the work entails removing existing paint and then re-painting. Cates told the board that the interior of the towers is in much better shape than the exteriors. The city’s water supply is not in danger because of the needed upgrades.

Two options were presented to the board. One would provide a temporary fix that might last three to five years. It would cost $174,480. Cates cautioned that the money spent on the temporary fix would not lower the cost of the full project, it would only buy some time. 

Cates suggested the city could look into financing the project with a certificate of participation (COP).  Annual payments would be around $70 - 75,000. 

The city is currently paying off a $315,000 COP from 2012 for a water improvement project. After making annual payments of around $36,000 per year, the balance due on that COP is currently $148,000 according to City Clerk Jane Hungler.

The city has just over $130,000 in a checking account earmarked for water towers. 

Cates told the board it may make more sense to use that money to help pay off the old COP, before applying for a new one. 

The city recently raised its water rates in anticipation of raising funds for the project. The new rates should bring in an additional $36,000 per year to the city’s coffers. If the current COP were to be paid off, that would leave an additional $36,000 (the current annual payment) that could be applied to the new COP.

Mayor Cary Parker suggested the board study the numbers presented by Cates and discuss the issue at future meetings. 

The repairs suggested by Cates should last for 25 years. The COP will be paid off in 10 years. The the city could have 15 years to save for the next round of maintenance.

Cates also commended the city for having already saved some money for the project.