At the Montevideo City Council meeting on April 15, the council approved a bid of $471,150 by Classic Protective Coatings Inc. to paint the water tower. This bid comes in below the city's estimate of $555,000.
A letter from Dave Berryman, the city engineer, reads, "While we have not worked with Classic Protective Coatings in the past, they have a reputation for being one of the best tank painting contractors in the Midwest and have extensive experience."
The city has $1,500,000 in water utility reserves, which will be used to pay for $375,000 of the project. The rest of the project will be paid with utility capitol improvement funds set aside by the city.
Staff told the council they did not think the amount would be missed from the water utility reserve, and that the money wasn't gaining much interest at current rates.
As for the capitol improvement funds, there are approximately $775,000 in the utility. There had already been $175,000 specifically set aside for the water tower.