There will be no impact to Okotoks taxpayers as the Town plans on borrowing millions of dollars for a regional water pipeline.
The Foothills Regional Water Project will bring water from the Bow River to treatment plants in Okotoks and Foothills County and is designed to provide another water source to support residential and commercial growth in the area.
Provincial funding to cover 45 per cent of eligible project costs was announced in 2022 and the project has been in the works for several years.
Construction is anticipated to begin this fall, and the Town of Okotoks is looking to borrow $30 million to cover its portion of costs for the raw water pipeline, pumping station, reservoir and intake station.
A spokesperson for the Town said the amount borrowed will be paid back through off-site levies, charges paid by developers to fund the municipal infrastructure needed to support growth.
There are no costs to Okotoks taxpayers or utility ratepayers and the Town will recover 100 per cent of the loan through those levies, the spokesperson said.
Off-site levies are commonly used to fund infrastructure projects such as water treatment plants, recreation centres, fire halls and roads, the Town said.
The Town said a borrowing bylaw authorizing the financing must be in place before construction can begin, and it is scheduled to be approved during Okotoks council's meeting on Aug. 19.
Completion of the pipeline and associated infrastructure was expected in August 2025 but has been pushed back to 2026.
Forty-five per cent of the project is covered through grants and additional costs are being shared between both municipalities.
Grant funding for the project comes from the Province's Water For Life program.
In the unlikely event that development comes to a halt, the Town said obligations will remain with the developers who want to develop land in the town.
