Just talked to one of the organizers. Sounds like the City Council vote will be in late May/early June. The development company is working on getting everything together and planned ahead, so that things will move along once the vote is done. If all goes as planned, it should be up and running before next summer (fingers crossed).
Alan - Definatly not dead in the water. These things just take time.
For those not at the water board vote, there was a bunch of arguments on both sides (although the "against" arguments were pretty lame, and most of them were easily disputed). The water board vote was unanimous "for" the park. It is expected that the City Council will follow the water board vote.
I will post again if I hear more. http://santeelakesboardpark.com/