A 2013 design proposal for the new Highway 5 and Highway 6 interchange in Waterdown Credit: HANDOUT / Ontario Ministry of Transportation

The City of Hamilton says Ontario’s Ministry of Transportation cost estimate for the Highway 5/6 Interchange is now $60.5-million, up from an earlier estimate of $49.1-million.

The City of Hamilton is responsible for approximately 25 percent of the overall cost, with the Province responsible for approximately 75 percent.

The change means a net capital cost increase of approximately $2.7-million for the City, which will be financed using development charges.

The upcoming update to Hamilton’s development charges bylaw includes project financing.