Mayor Billy D’Aquilla has outlined for the Board of Aldermen a plan to finance the replacement of a reserve water well on Prosperity Street.

D’Aquilla, speaking during an Oct. 13 meeting, said the town will borrow up to $800,000 from the Bank of St. Francisville at a rate of 3.25 percent, and the money will be used similar to a line of credit. He said when factoring in all the costs, loans from the Department of Health and Hospitals would actually cost more than $50,000 more than when the money is secured through a private loan. Plus, bureaucracy might delay the work that is necessary to begin on the well.

Additionally, D’Aquilla said that he and Bianca Hillhouse, of Professional Engineering Consultants, had applied for a grant for the town through the Division of Administration’s Community Water Enrichment Fund for up to $250,000.

Hillhouse estimated the cost to replace the well, known as Well No. 4, at $782,000, although that cost will likely be lower because material from the existing well can be salvaged and utilized for the new one.

Beside the CWEF grant, D’Aquilla said state Sen. Neil Riser, R-District 32, plans to include in the next legislative session a capital outlay for $375,000 for water improvements for the town that can go toward paying for the well. He said Riser is expected to add another $500,000 for the well in another outlay request.

“There’s a good chance we can pay for most of this well through this grant money and these outlays,” D’Aquilla told the board. “We’re probably not going to get all that, but we’ll get some.”

D’Aquilla said the new well will be constructed over the next six to eight months.

In other action, the board introduced two ordinances related to the town’s changes in the town’s subdivision regulations. A public hearing will be held at the Oct. 27 board meeting to discuss the changes in more detail.

Main Street Manager Laurie Walsh said Halloween will be held in the town on from 5 p.m. to 7:30 p.m. Oct. 31. She also said Christmas in the Country will take place Dec. 4-6 in St. Francisville.