LOUISVILLE, Ky. (WDRB) -- With growth comes the need for a new water tank in Georgetown, Indiana, but it won't be cheap.

The 1 million-gallon water tank will cost $5,308,500, according to a news release. 

Shovels went into dirt Thursday afternoon for a groundbreaking on the tank, which is going in on Frank Ott Road. It's being paid for using $500,000 of American Rescue Plan money from the Floyd County Commissioners. The rest of the funding is coming from a loan.

"It's important because of the growth in this area. We see (the) Georgetown corridor in Floyd County as just growing in leaps and bounds," said Shawn Carruthers, president of the Floyd County Commissioners. "It's one of the most popular areas in our county, so we just want to make sure we keep up with infrastructure."

Construction is set to start the week of Oct. 31. The project is expected to be completed by early 2024.

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