"It isn't on, it isn't over," said City Commissioner Bill Verge of plans to sink the USS Hoyt Vandenberg off Key West to create an artificial reef and diving destination.

The ship is now docked in Virginia where it will remain at least until hurricane season is over. And then, it's anyone's guess.

Escalating costs and evaporating finances have stalled the Vandenberg project, and it's uncertain whether the ship will ever come to Key West.

It will cost $8.45 million to scuttle the Vandenberg according to the most recent estimate.

A bank consortium consisting of BB&T, Orion and First State Bank offered an initial combined investment of $4.6 million at the project's outset but scaled that back to $3.2 million when progress came to a halt. Other funding pledges include:

-- Monroe County, $2 million -- City of Key West, $1.3 million -- U.S. Maritime Administration, $1.3 million -- Tourist Development Council, $1 million -- Florida Fish and Wildlife Conservation Commission, $1 million

This leaves a funding gap of $1.85 million that needs to be raised either through private donations or more government earmarks.

District IV Commissioner Barry Gibson said the City Commission is "still interested" but that considering finances, the project "sounds like it's becoming an unreality."

But Verge was upbeat. "This investment will make money for 100 years," he told the Keynoter. He went on to project that free media coverage from the scuttling would be valued at $40 million, citing interest from "Good Morning America," the Discovery Channel's "Mythbusters" and other national and international outlets.

Jackie Harder, President of the Key Largo Chamber of Commerce and champion of the Spiegel Grove scuttling, said "sinking ships these days is very, very difficult...it's a real tough thing to do."

The total cost of sinking the 510-foot Spiegel Grove in 2002 was $1.4 million; $868,000 was provided by the Monroe County Tourism Development Council. The difference was made up by a $300,000 allocation from the Key Largo Chamber of Commerce Artificial Reef Committee and a medallion-purchasing program involving local dive shops including a $250,000 guarantee from Divers Direct. There is currently $98,000 left on the bank note which is due in 2013.

Harder said that the success of the Spiegel Grove project is due, in large part, to continuing community support.