I'm not sure I understand what I'm seeing in your picture. I have the same year, option H3, and this is what that bolt looks like from below



I see a cross bar (ignore the grate behind and its angle - that's 'custom') but I don't get what happened to yours. If that bushing did pull through, simply welding the tube back in place (after removal of the bushing) should resolve the issue. As for $700 - I don't think that's unreasonable if that includes labor....