How accurate are the cost estimates?
Conversations with local dredging contractors yielded cost estimates of $50 to $55 per cubic yard including disposal. Certain locations (narrow canals, low overhangs, etc.) may require special equipment that could drive the cost up to $100 per cubic yard in those specific areas. Total project costs were estimated at $50 and $100 per cubic yard. Using the more conservative (higher) figure of $100 per cubic yard, the estimated total cost of the project would be $6 million. Apply a federal grant of $1.3 million and City matching funds, and the cost comes to around $8,000 per lot. If financed at 5% for 20 years, the annual assessment would be around $600. Of course, if the bidding process comes in under $100 per cubic yard, then the cost would be lower.
