Cochrane’s Centre Avenue/Highway 1A improvement project is going to cost a little more than expected after supply chain issues increased the cost of materials.
The Town of Cochrane will be debating whether to increase the budget for the construction project by $1.1 million during a council meeting set to be held on March 14 at 5:30 p.m.
The new total cost of the project, if the additional funding is approved, will be $11.4 million.
According to the Town, the increase in cost comes from an increase in the price of materials needed for the construction project as well as labour market concerns.
“Due to unforeseen increases in material costs, a challenging construction labour market and the impacts of inflation, the ultimate costs to complete this project have increased by $1,100,000,” the Town said in council agenda documents.
The Town plans to draw $220,000 from the Canada Community-Building Fund Grant and the remaining $880,000 from its offsite levy reserve.
