Second and third readings were given recently to a bylaw authorizing town council to borrow up to $885,000 to pay for the 57th Avenue reconstruction and railway crossing project, half of the estimated cost of $1,770,000.
The town had planned to borrow the full amount but learned it was eligible to receive a resource road grant for half the cost.
Actual cost of the project was $1,247,000 but town officials do not know yet if all receipts for the project will be approved by Alberta Transportation.
“We are doing the debenture for the full amount of $885,000 but we are only going to draw $623,500,” explained Betty Quinlan, director of corporate services.
The project, officially opened in January, is the first phase of the town’s dangerous goods and truck route that will direct all large truck traffic out to Highway 2A.