From your markings, it looks like you want to relocate the dam. In this case, I'd have to disagree with James on cutting the trees saving you money. It is cheaper and faster to push down a tree than to dig up a stump.
Do you know if you have the watershed available to fill and keep full a larger pond?
If any of the trees are marketable, (especially cedars) you have enough sawmills in the area to sell logs to, to offset part of your expenses.
