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Welcome PM93.

I'd get bids to renovate. Cut a seam in the dam, allow water to drain and dry out over the course of the Summer. Allow water to flow through the existing "pond" through the seam to keep it as dry as possible during rain events this year perhaps into next year. You need the silt and organic material as dry as possible or removing it is nearly impossible. I've seen old ponds like this sit for 2 years and the muck still wasn't dry enough to move. Once it actually does start to dry/harden up you can use dozers and excavators to create the depths you design. A dozer can push a lot of material through the dam onto the backside if [and that's a big IF] the material is dry enough. That would be the cheapest way to remove organic material. If a dozer cannot access and material is too wet the only way to remove is with an excavator - takes a lot more time [and budget] to get that project done as you have to incorporate dump trucks now. More toys = more $.

If you want to excavate and create a new pond, you also have to decide where to place all the material you're removing. Given your small acreage it will require some careful thought - you can't just pile it up.

Lastly - whenever we renovate a pond there exists the risk of piercing the clay liner and creating leaks by excavating into suspect material. It requires a careful and experienced pond engineer to inspect the native material and be on the watch for sand, gravel, glacial till, rock, etc. I will actually stand in the middle of the basin and visually inspect material as it's being removed. This requires significant trust in the equipment operator, as you can imagine.

I know you're going to ask this later, so here goes:

In NE I could get this project completed on a 2 AC pond for probably $20k - if suspect material is encountered and we have to install and compact a clay liner you're looking at another $5-$10k depending on liner depth. If you lack clay on site and have to truck to site there's another big chunk.

Might make sense to reduce the pond size by 50-75% - would save significant $. A 1/2 - 1 ac pond is still a blast.

Or....you could drain it and fill it in.

If you ever want to talk feel free to ping me, my time is free to the PB Family. tj@hudlandmgmt.com