NOTE: All values represent October 2002 price levels.

Construction of the new lock will eliminate congestion and delays to navigation and provide a safer, more efficient connection in the waterway system. In addition, vehicular traffic will benefit from the proposed bridge improvements. The new lock meets the needs of both shallow and deep-draft navigation over the 50-year life of the project. Average annual benefits in the form of savings in transportation costs for the nation’s navigation industry is estimated at $110 million. The benefit-to-cost ratio is 2.2 to 1.
 

Cost sharing for this project is set forth in the Water Resources Development Act of 1986. The shallow-draft portion (Inland Waterway Navigation Increment) of the project costs is shared 50/50 between regular Corps appropriations and the Inland Waterway Trust Fund. The additional costs of the deep-draft increment (General Cargo Navigation Increment) are cost-shared 65/35 between regular Corps appropriations and the Port of New Orleans. Finally, some of the utility relocations required for the project are the responsibility of the utility owners.