Update:

On July 27,2009 The Long Beach City Council received results of their City funded Breakwater Reconnaissance Study.  Since then, the Los Angeles District of the Army Corps of Engineers has performed a review of the first reconnaissance study.  This was made publicly available on Monday June 21, 2010.  This new reconnaissance study finally stated that the federal government does have interest in continuing on to a feasibility study.  On Tuesday June 22nd the Long Beach City Coundil unanimously voted to a cost sharing agreement with the Army Corps and initiated funding of their half of the $8 million study with an initial amount of $2.5 million.  They'll look for outside grants and use in-kind services to fund the remainder. 

The feasibility study is expected to take at least 4 years once funded.  The first possible opportunity for funding will be October 2010, if everything goes well with congress.  Based on other feasibility studies currenlty ongoing in southern California, it seems that in all likelihood, the Breakwater feasibility study will not be complete until after 2008.

After that, final design and construction should take a handfull of more years.