LYNN – City officials are rejoicing at news that the cost of relocating electrical power lines along the Lynnway could be $1 million less than expected.National Grid estimated the project at $6 million, but with only weeks left before completion, the utility announced the work will cost $5 million, barring any unforeseen issues.Claire Cavanagh, aide to Mayor Judith Flanagan Kennedy, said National Grid attributed the savings to favorable fluctuations in the steel market and an absence of problems related to the removal of the old electrical towers and installation of the new models.”This is excellent news,” said Mayor Kennedy. “To have such an important project come in under budget is a bonus, especially considering the challenging economic times we are facing.”The new lines have been installed along the southbound side of the Lynnway, starting at the General Edwards Bridge and running approximately one mile north to Harding Street, where they cross back over the Lynnway to join the existing power corridor.The lines are already operational, the mayor said, noting the wooden towers that previously supported the wires on the northbound side of the Lynnway have been removed.”All that remains is to remove the metal towers on the South Harbor property,” said Cavanagh, adding that work began on that aspect of the project last Friday.The City Council authorized a bond of up to $4 million to pay for the city’s portion of the costs. Lynn also received a $2.5 million state Growth District Initiative grant and an $800,000 tax credit from National Grid, reflecting money the company would have spent to upgrade the existing power lines if the relocation project had not been undertaken.The mayor credited state Rep. Steven Walsh, Rep. Robert Fennel and state Sen. Thomas McGee with playing a key role in obtaining the necessary state funds. She also described National Grid and GE as good corporate neighbors – the latter for allowing some of the power lines to relocate to land it owns behind businesses on the southbound side of the Lynnway.”This project came to fruition thanks to a collaboration of many parties,” the mayor said. “The relocation of these power lines opens the door to 100 acres of waterfront now feasible for redevelopment.”