Hoboken has a deal in place that could put a plug in the city's water woes.

Mayor Ravi Bhalla announced a deal with SUEZ Water Friday that will tackle issues with old, deteriorating waters mains and a lack of investment into the aging infrastructure.

"The real game changer is a shift from the revenues from water collection go from a private for-profit corporation to the city of Hoboken," says Bhalla.

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The proposed contract creates a new public water utility, which would take in the water revenue. The city would pay SUEZ to continue to operate, maintain and repair the water system.

The city also plans to spend millions in revenue on replacing infrastructure, with $2 million earmarked for smart technology that can detect breaks before they happen.

Bhalla says the new contract, which still has to be approved by the City Council, would invest at least $33 million in upgrades over the next 15 years. By 2034, 18% of Hoboken's water mains are due to be replaced.

The City Council is set to vote on the resolution next week, and if it passes, the contract will begin this summer.