Beach Replenishment Article

Sea Isle City Beach Rebuilding Funds Secured
By Herald Staff
Published August 04, 2007

U.S. Rep. Frank A. LoBiondo (R-2nd), a member of the House Water Resources & Environment Subcommittee, on Aug. 2 announced that several provisions he secured to benefit South Jersey within the 2007 “Water Resources Development Act” have been approved by Congress. WASHINGTON, D.C. – U.S. Rep. Frank A. LoBiondo (R-2nd), a member of the House Water Resources & Environment Subcommittee, on Aug. 2 announced that several provisions he secured to benefit South Jersey within the 2007 “Water Resources Development Act” have been approved by Congress.

Included within the bill is a $136 million authorization for the construction of the Sea Isle City beach replenishment project and explicit approval for the Army Corps of Engineers to remove debris from the Delaware River. The final legislation will now head to the President for his signature.

“I am pleased Congress has approved these projects which are critical to South Jersey. This legislation is especially important for Sea Isle City and its residents, whose property and businesses are threatened daily by beach erosion,” said LoBiondo. “I will continue to fight for South Jersey’s fair share, and to ensure our waterways and coastal communities are protected.”

“We are very thankful to Congressman LoBiondo for his efforts,” said Sea Isle City Mayor Leonard Desiderio. “Throughout my 14 years in office, I have had a great working relationship with the Congressman. He’s always delivered for his district and for Sea Isle City. This is great news for the citizens of Sea Isle City.”

Emerging from the House-Senate Conference Committee, the legislation funds the following projects championed by LoBiondo:

* A $136 million authorization for construction of the Sea Isle City and portions of Strathmere beach replenishment project and periodic renourishment over 50 years (Note: A Congressional authorization is required prior to the appropriation of federal funds for the project – federal funds were not and have not been appropriated for this project at this time);

* Explicit authorization for the Army Corps to remove debris from the Delaware River that would be hazards to navigation. This provision came about as a result of the Athos I oil spill which was caused by a discarded anchor that ripped a hole in the haul of the ship;

* Authorization to incorporate the Cape May Point National Shoreline Erosion Control Demonstration Project at the boroughs six beach cells into the Lower Cape May Meadows Project. This would enable the Army Corps to replenish the beach cells when the Meadows Project receives periodic renourishment;

* Explicit authorization for the Army Corps to conduct the oyster revitalization project in the Delaware Bay. This is continuation of a project already underway in conjunction with Rutgers University;

* A provision originally included in LoBiondo’s “Community Beaches Protection Act” (HR 1504) to reauthorize and expand the National Shoreline Erosion Control Development and Demonstration Program. The provision will extend the program’s life, allow cost sharing with local communities, permit the removal of projects that do not perform and increase the federal funding for the Program to $30 million annually.
Cape May Point is the site of the nation’s first project under the Shoreline Erosion Program where they are testing artificial reefs for erosion control;

* A provision originally included in LoBiondo’s “Community Beaches Protection Act” (HR 1504) which strengthens current federal policy for beach restoration and clarifies that periodic renourishment is a federal priority; and,

* A provision originally included in LoBiondo’s “Community Beaches Protection Act” (HR 1504) to prohibit the Army Corps from forcing states and municipalities from paying more than the Congressional-authorized share.

In 2001, LoBiondo led the effort to defeat an amendment to an annual appropriations bill that would have flipped the current cost-share formula, forcing state and local communities to pay 65 percent of the project costs. The current formula requires states/localities to pay 35 percent of the costs while the federal government covers the remaining 65 percent.

House value prediction according to the National Association of Realtors.

Home prices are expected to recover in 2008 with existing-home sales picking up late this year and new-home sales rising early next year, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR senior economist, said a good buyers’ market has evolved. “Buyers now have an overwhelming advantage given the wide selection of homes available in many markets,” he said. “But with profit margins coming under pressure, homebuilders will limit new construction well into 2008. This should help the overall inventory level to move steadily into a more balanced state.”

Existing-home sales are expected to total 6.11 million this year and 6.37 million in 2008, down from 6.48 million last year. New-home sales are projected at 865,000 in 2007 and 878,000 next year, compared with 1.05 million in 2006. Housing starts, including multifamily units, are forecast at 1.43 million units this year and 1.44 million in 2008, down from 1.80 million last year.

Existing-home prices are likely to rise 1.8 percent to a median of $222,700 in 2008 after a 1.4 percent decline this year to $218,800. The median new-home price should rise 2.2 percent to $245,400 next year following a 2.6 percent drop in 2007 to $240,100.

“Markets that sharply reduce new construction in 2007 will generally experience respectable price increases in 2008,” Yun said. “Local conditions vary considerably, but with historically low mortgage interest rates this summer and sustained job gains, it could be a good time for first-time buyers with a long-term view to test the housing waters.”

The 30-year fixed-rate mortgage is estimated to average 6.7 percent during the second half of this year, and fluctuate around 6.6 percent in 2008.

Growth in the U.S. gross domestic product (GDP) will probably be 2.0 percent in 2007, compared with a 3.3 percent growth rate last year; GDP is forecast to grow 2.8 percent in 2008.

The unemployment rate is likely to average 4.6 percent in 2007, unchanged from last year. Inflation, as measured by the Consumer Price Index, is projected at 2.6 percent in 2007, down from 3.2 percent last year. Inflation-adjusted disposable personal income should rise 3.0 percent this year, up from a 2.6 percent gain in 2006.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Sea Isle City picks site for new library

Officials picked a site for a $4.5 million library this week, choosing an empty lot on 48th Street instead of the site of an existing library downtown.

To read the entire article, click the link below.
http://www.pressofatlanticcity.com/news/local/capemay/story/7512498p-7410953c.html