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The price to complete the second phase of the Southwest Rapid Transitway is expected to drop once again.

Dave Wardrop, the city’s chief transportation and utilities officer, told council’s public works committee on Tuesday that the project’s price is expected to fall at least another $40 million.

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Wardrop said that will likely reduce the total tab, which also includes a related Pembina Highway underpass, down to the $420-million range “or better.”

This marks the second round of notable savings expected for the project, since the price tag to complete the transitway previously fell by $120 million.

“I just want to congratulate the entire inter-departmental project team … on an outstanding project delivery and execution,” said Wardrop.

He credited the latest savings to unused contingency funds.

The project was previously expected to cost $587 million, with the first round of savings found when more detailed design work was completed.