But with the ink dry on a $20 million contingency funding deal to restart the stalled boat harbour, the couple are more confident than they've been in years that it will finally be built.

"We were disappointed that it didn't happen in the time frame that was indicated to us when we purchased our land, but now this has happened today we are in full support," Mr Senior said.

The promise of a boat harbour complete with a 300-berth marina was a key factor in the couple's decision to buy land in Shell Cove more than a decade ago.

They expected the project to be finished this year or next, but it faced long delays.

Work was deferred indefinitely in 2008 due to sluggish land sales.

The latest tenders for the boat harbour's first-stage earthworks will be called today.

Tenders were likely to be awarded this year, with work to begin in early 2013, according to project manager, Australand's general manager residential for NSW Nigel Edgar.

He anticipated the boat harbour and marina would be completed in 2019 to 2020.

"There's no reason to be sceptical," Mr Edgar said. "The project was delayed for a period of time due to slower sales rates.

"We've now negotiated with council a set of commercial arrangements which allow the project to proceed to completion."

Shell Cove residents applauded yesterday when the funding deal was announced.

It will see Australand set aside a maximum of $20 million in shortfall funding to be used if and when the project's costs outstrip its income.

Six of the city's seven councillors have supported the deal.

But vocal marina critic Councillor Peter Moran said it posed financial risks to ratepayers.

"I think we need to recognise that the only reason this is going ahead is because the council has agreed to accept commercial risk in relation to this project and that flies in the face of everything we've been told up until now," he said.

The council said the contingency funding would be repaid from project revenues.

Deputy Mayor Marianne Saliba said she understood if residents were sceptical, but she was confident it would be completed.

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