CURRENTS July 2016 | Page 4

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Currents

July 2016

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tractor to purchase, scuttle and sink the vessel, Newton Creek.
3. Creation of a 501© 3 Foundation to develop,
manage and market the Artificial Reef Project for the
City of Pompano Beach.
The first withdrawal from the foundation will be
for $50,000 to be matched by the Isle for purchase
of the Newtown Creek from the City of New York
City, NY for $100,000. This vessel was on a surplus
auction for a price of $850,000 as a commercial ship
or $235,000 for scrap value. No bids were received.
We have successfully negotiated a price of $100,000.
The Shipwreck Park Inc., would purchase the Newtown Creek from the City of New York and handle all
of the arrangements with appropriate professionals
to transport the vessel to Florida, scuttle the vessel
per Environmental rules and sink the vessel off the
Pompano Beach coast in the spring of 2016.
U.S. Department of Agriculture studies show that
Florida reportedly has the largest complement of
permitted artificial reefs in the
nation. These reefs have been
shown to be beneficial to the
local economies. The studies
show that artificial reefs do
increase economic activity in surrounding communities. Because
artificial reefs are valued by users
and non-users alike and provide
benefits that exceed costs, they
may be an effective tool for redirecting use away from natural
reefs if such an management
objective is required. Overall, artificial reefs are a source of economic value that may justify additional deployments, even after
taking into account the opportunity costs associated with scarce
public funds.

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References Available

BE IT RESOLVED BY THE CITY
COMMISSION OF THE CITY OF
POMPANO
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