Town to borrow for water tower?

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Deep River council is being asked to borrow from banks to pay for the cost of refurbishments to the town’s water tower.

Work on the water tower was completed last year. The cost of the project came in at $2.3 million.

That was significantly higher than the original $1.5 million estimate to do the work, but still far cheaper than the $6-$12 million it would cost to replace it with a brand new structure.

It’s expected that the repainting, combined with annual asset management strategies, will extend the life of the tower by 40 to 60 years.

That aside, the town paid the full cost of the refurbishments out of its operating funds, but a staff recommendation on the agenda for this week’s council meeting noted that’s “not sustainable going forward.”

The amount currently sits on the books as an “unfunded liability”…

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