The process is a fraction of the cost of asphalt overlay or complete road reconstruction.
According to the city:
"As an example for 1000-feet stretch of residential street:
Slurry Sealing - $ 12,000 (engineering and construction costs)
Asphalt Overlay - $120,000 (engineering and construction costs)
Road Reconstruction - $500,000 to $600,000 (engineering and construction costs)"
They say the process extends the life of streets in average to fair condition by some three to seven years depending on traffic and conditions. Residents may notice that the road surface is initially not as smooth but street sweepers and normal traffic will over the course of a year result in a much smoother and long lasting surface.
They note that residents will be notified via postcard of impending street closures and "Residents within the project area will receive information in several phases. First, project information will be sent to residents in late April. Next, residents will receive additional mailers such as a postcard of who the contractor is and what date the overall project will begin. Third, residents will receive door hanger reminders at least 72-hours before work on their respective streets are to begin.
On the day of work, the contractor will make one last effort to contact residents whose cars are within the immediate work area. Also, signs will be placed along the roadway reminding residents of the temporary no parking areas.
Driving on the fresh slurry will damage your car! Please allow for it to dry in 4 - 6 hours. If you drive on the fresh slurry you may be held responsible for the cost of reapplying the slurry. Please plan ahead."
They offer more information on the project here.