90 DOCUMENTARY HISTORY OF THE FLORIDA CANAL


 Estimated cost of project
 The following are the estimated costs of the project:
Land, rights-of-way, and easements------------------------
Construction (subdivide into principal sections or
 classes of work):
 Clearing and grubbing_, ------ -------------$- 2, 181,500
 Locks and auxiliary works------------------ 21,861,800
 Water supply ------------------------------ 1, 82,000
 Bridges------------ ------------ 6,880,000
 Ferries ---------------------------- 160,000
 Aids to navigation---------------------------- 415,050
 Turning basin------------------------------- 5,600
 Highway relocation--------------------------- 175,000
 Channel excavation -------------------------- 44,251,150
 Contineencv (about 10 percent) ---------------- 7.819,900


$, 034,000


 S86,000,000
Engineering (2% percent)--------------------------------- 2,150,000
Legal, administration, and other overhead charges-----------. 6,4168,000
Interest during construction----------------- ----------- 8, 800,000
Other items (list) : Contractor's profits, bond, Insurance, etc----- 8,600,000
 Total cost--------------------------------- -- 115,000,000
To be furnished by applicant------------------------------- None
Net amount of loan (including grant)------------------------ 115,000,000
The cost of labor and materials will be approximately----------- 86,000,000
 CONDITION
 The above-described loan is made subject to the following conditions:
Standard condition.
 1. The applicant shall enter into a contract with the Administrator,
 satisfactory to counsel for the Administration, providing for the sale of
 bonds or other obligations of the applicant to the United States and em-
 bodying in detail the terms of the loan, subject to the approval of the
 engineering, legal, and financial advisers of the Administration.
 2. Such contract shall comply with the provisions of title II of the
 National Industrial Recovery Act and with all rules and regulations pre-
 scribed by the President and by the Administrator for the administration
 of such act.
 (The above standard conditions, applying to all loans, should be followed
 by such special conditions as may be necessary.)
speot condiioas.
 The applicant shall give evidence, satisfactory to the administrator, that
 Duval County will provide all land and right-of-way necessary for the
 canal through that county, and will alter the Duval County highway
 bridge across the St. Johns River as required, without any expense to the
 borrower.
 The report of the Engineering Division attached to this first
summary report of the Public Work Administration comprises some
sixty-odd typewritten pages. It goes very comprehensively into all
phases of the project, including engineering and economic questions
involved. It iscloses that while the engineers of the Public Works
Administration assume certain basic physical data furnished by the
Corps of Engineers, including the location of the project, they de-
veloped entirely independent cost figures from their own studies.
They also made a comprehensive and independent economic survey
to determine the probable traffic through the canal the savings which
would result, and the probable tolls which the traffic would yield, and
which might become the basis for a loan from the Public Works
Administration to the Ship Canal Authority of the State of Florida
for the construction of the canal.