The $33 million price tag for the 32nd Street bridge has come down substantially and could save the Town of Okotoks more than $1million.

The tenders for construction of the bridge structure came in about $3.6 million under budget, which will save the Province, federal government and the Town $1.2 million each.

The Town received five bids for bridges over both the Sheep River and the CPR rail tracks and the lowest was $9.95 million — much less than the $13.6 million budgeted for the project.

Okotoks Mayor Bill McAlpine said it’s good news, but is reserving judgment until he hears what the other components of the project will cost.

“There are two more tenders to do and we don’t know what they’re going to come in at. We’re not getting too excited until we get the tenders for the full package for the river work and road approaches,” he said.

The Town will put the work for the river diversion and surface work (concrete, paving, streetlights) out for tender in February.

The tender for the first component of the project, which includes grading work on the south side of the river, came in on target for budget estimates.

Town council approved borrowing up to $8.1 million and using the provincial Municipal Sustainability Initiative grant to cover the rest of its one-third share of the cost.

Once the remaining tenders are received, McAlpine said council will decide where it will apply the savings.

“We certainly wouldn’t increase anything. We could either decrease the debenture, which would give us a little leeway to reduce the tax increase,” he said.

Grading to construct the bridge approaches on the south side of the Sheep River began earlier this fall and crews will begin pouring the concrete for the bridge in late January with the bridge over the river to be completed by the end of July.

The entire 32nd Street bridge project must be completed by the end of March 2011.

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