County officials continue to move toward a project to repave the roads and improve drainage in Edgelea subdivision north of Greencastle.
On Monday, the Putnam County Commissioners accepted a $1,505,314.41 bid from Wabash Valley Asphalt to perform the project.
The bid was accepted tentatively, subject to the successful acquisition of bonds to fund the project. The Putnam County Council approved a resolution authorizing the acquisition of bonds earlier this month.
Under the terms of an agreement with Edgelea homeowners, the county is scheduled to pay only 25 percent of the cost of the project, which will be paid back over 20 years.
The rest of the money will be paid back through yearly assessments on all Edgelea properties. The assessments will add more than $600 to the yearly property tax bill of all homes in the neighborhood.
The county received two bids for the project, with the other coming from Grady Brothers at a cost of $1,511,000.
Work is expected to commence on the project in the spring of 2013.