MECHANIC FALLS – The 60-foot-tall water tower on Standpipe Hill could become just another memory by the end of the month following action the Town Council took earlier this week.

Council members hope the town can make money on the deal by awarding the bid to Costello Dismantling Co. of Massachusetts for $1, plus or minus, depending on the weight of the tank.

Town Manager John Hawley explained that the contractor has agreed to pay the town 10 cents a pound for every pound over 129,703 pounds, and that the town will pay the contractor 10 cents a pound for every pound under the limit.

“Even if it weighs as little as 40,000 pounds we will come out better than the next lowest bid of $8,900, but I think it will weigh more than 129,703 pounds, as they may not have taken into account the skeletal steel inside the tank,” said Hawley.

The town received seven other bids, ranging from $8,900 to $48,895.

The council made the award to Costello Dismantling contingent on Hawley’s receiving good reports from references and checking the contractor’s bonding as well.

Hawley said work on the new 480,000-gallon ground-level Standpipe Hill tank is complete, as is the new 50,000-gallon tank on Pigeon Hill.

With work complete, the council approved a schedule for debt service on borrowing $749,150, which will be paid back by water district customers at the rate of about $46,000 a year for the next 20 years.

Hawley also announced that he has applied for a $43,985 Homeland Security grant, most of which would pay for a 75,000-watt emergency generator, fully installed, as well as for 100 cots and blankets. He said the state will announce grant awards after Jan. 1.

In other business, the council agreed to closing the town office this Friday, Nov. 10, for Veterans Day as well as on Nov. 23 and 24 for Thanksgiving, and Dec. 8, until 10 a.m. for annual safety training.