A new public-private partnership for a water treatment system was approved by Saint John council Friday night. (CBC)

Documents just released by the city of Saint John show the city's soon to be constructed public-private water treatment system will cost $216 million.

The financial terms were locked in Thursday in Toronto and the final price is, in part, based on long-term interest rates.

The deal will see a consortium of private companies under the umbrella of Port City Water Partners, which will design, finance, build and then operate the city's water treatment system for 30 years.

Construction is expected to be substantially completed by the end of 2018. 

The system will treat surface water from lakes on the east side of Saint John and groundwater from a group of new wells drilled on the west side.

Port City Water Partners is a group of companies led by Brookfield Financial Securities LP, a Canadian-based global investment group.

Others in the consortium include the Spanish giant Acciona Group through its water division, Acciona Water, North American Construction, engineering and consulting companies AMEC Foster Wheeler and Stantec and Saint John-based Gulf Operators and FCC Construction, owned by Irving.