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Town staff say Eastside Drive water project needs new bond to cover $400,000 cost increase
Summary
Town staff told the Clifton Park board that while $3.3 million had been secured for the Eastside Drive Water District in 2024, current estimates are about $3.7 million and the town will prepare a new bond resolution to cover the difference; a public hearing on the water district was scheduled.
Town staff told the Clifton Park Town Board on July 7 that the proposed Eastside Drive Water District will require updated financing after construction-cost increases.
John (staff) said the town previously secured $3,300,000 for the project in 2024 but that amount has not been issued. "We are working on updating, a new bond resolution for the cost difference of the 3,300,000 already secured back in 2024...the current estimate of 3,700,000," he said, adding the town must demonstrate financing as part of the grant process.
Staff explained the new bond would cover the estimated $400,000 gap based on current construction prices and projections over the next two years. Speaker Nancy asked about fieldwork and noted Gilbert Van Guilder has been surveying Eastside Drive; staff confirmed that firm is a subconsultant to the prime engineering firm assisting the project.
The chair scheduled a public hearing on the proposed Eastside Drive Water District so that financing and project details can be considered in the formal record.
Next steps: staff will prepare an updated bond resolution and documentation demonstrating financing ahead of the public hearing.
