The amount includes a small contingency fund. The estimate for the work is £112, 708.
The block is currently closed as a result of vandalism which has irreparably damaged the hand washing units.
Local residents say the consequences of the public conveniences in remaining closed are creating a health hazard as people relieve themselves outside. They have called for the block to be reopened as soon as possible.
Ilkley Town Mayor Cllr Mark Stidworthy said: "The company that will be commissioned to undertake the work is called Healthmatic. They will install four automatically-locking self-contained units, each coin-pay and contactless (card/phone) access, and with touchless internal facilities. Two of the units will be disabled accessible, and all will contain baby change facilities. There will be Town Council storage facilities in the rest of the building.