Answer:
b. at a cost raising water bills so high that.
Step-by-step explanation:
From the description of the sentence, it shows that the action when performed would yield the observed outcome. The cost of the project which would result to an exorbitant rise of water bills has to be questioned.
Thus the most suitable option is b, so that the correct expression would be;
The city has proposed a number of water treatment and conservation projects at a cost raising water bills so high that even environmentalists are beginning to raise alarms.