PEABODY – Peabody officials received a rather detailed presentation on the city?s flood mitigation plan Thursday night.Representatives from Metcalf & Eddy went over their proposed three-part plan that aims at making Peabody capable of withstanding a 50-year-flood, or roughly 5.4 inches of rain over a period of 24 hours.The task is presently projected to cost a total of $31 million.The first phase would cost roughly $13.4 million. It involves cleaning out existing culverts and installing new twin box culverts at Goldthwaite Brook from Oak Street to the North River. They would be designed to handle the river?s peak flow during a storm and run for about 1,950 feet.The second phase involved widening 1,600 feet of the North River from a width of 18-20 feet in some areas to 38 feet. The project would also include removing 90-degree bends in the river, replacing the Caller Street Bridge, and removing contaminated wastes.Metcalf & Eddy offered a variety of options, but suggested using the cheapest of the three, which costs $7.6 million.The third phase also includes widening the North River wall; however, this portion will be taken care of entirely by the Army Corps of Engineers. It will be the most complex project as much of it takes place across the city line and into Salem. It comes at a cost of $10.2 million.City Councilor Anne Manning made a motion to organize joint meetings with the folks at Salem City Hall and work together through the process that will have an effect on both communities.Director of Community Development Jean Delios noted that the cities have already been working together as a regional effort to obtain funding could triple Brownfields money for Peabody alone.?Regionalizing is the way to go,” said Manning.As the first flood study was conducted over 50 years ago, city officials are eager to move the process along. Metcalf & Eddy hopes to apply for a waiver form the government in regards to environmental impact studies on the first portion of the project. If granted, a year would be cut from the timeline and allow for a 2012 completion.The city has secured roughly one-third of the projected $31 million cost, or $11.1 million, in grant funding. They anticipate receiving an additional $10 million in pending grants, leaving another $10.2 million for the city to finance themselves.?This gives people hope,” said Councilor Barry Sinewitz.?Just to get to this point is a hurdle,” said Councilor Mike Garabedian.Councilor Dave Gravel shared similar sentiments, saying that even if the city is forced to pay $10 million or so, it?s worth it if it helps save businesses in the downtown.No votes were taken Thursday, as it was just an information session. The councilors will take the time to absorb the information and continue discussions at their September 25 meeting.