GEORGETOWN, Ky. (FOX 56) – The city’s mayor Tom Prather said contractor mistakes and a math error by hired consultants have cost Georgetown millions of dollars. But Councilman David Lusby said he has a solution that could pay for a new water treatment plant without being such a drain on the taxpayers.

“Finance 96 million through the bond market the payment on that would be about $600,000 per month and in order to cover the debt service for that $600,000 per month you would have to escalate the rates rather dramatically,” Lusby said.

Lusby is hoping to soften the blow after people living in Georgetown are being asked to absorb a 58% water rate hike over the next five years.

“The options that I saw either can start at 19% the first year and then go for the next five years on different levels or it can go to 18% or 17% or even down to 16 or 15%,” Lusby said.

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The hike comes after Mayor Prather revealed two mistakes one on the contractor’s end and the other a miscalculation error by a consulting firm. That firm underestimated the interest payments on the bond that will fund construction of the water plant.

“I have heard from a lot of people just because word is getting out that this plan is in the works, so the folks that I am sharing it with seem to be very happy and very on board matter of fact, some lending institutions have reached out to me,” Lusby said.

Lusby knows any rate hike is a burden to people already struggling to make ends meet but hopes his proposal will give residents more time to pay for a water plant that has to be replaced.

“Under this scenario, we would back up the rate increase until March there for residents would not receive their first actual statement with the increased amount until April, we thought that would give residents a bit and businesses a little bit of time to make adjustments and be prepared,” Lusby said.