BRADENTON, Fla. — Florida Transportation Secretary Ananth Prasad this week signed an agreement with the Orlando-Orange County Expressway Authority to build the long-planned $1.9 billion Wekiva Parkway.
The Expressway Authority first signed the agreement in February, and it has awaited Prasad’s signature since. It establishes the segments and costs that each agency would assume in building the 27-mile toll road that will complete a long-planned beltway around western metropolitan Orlando.
The road is expected to be built with cash, a federal grant and bond financing.
The agreement comes on the heels of the Federal Highway Administration’s approval of the route earlier this month, which clears the way for construction to begin later this year.
“The department will continue to work diligently with the Orlando-Orange County Expressway Authority and all involved to bring this significant transportation project to fruition,” Prasad said in a statement.
The Florida Department of Transportation will pay $678.1 million of the cost, the Florida Turnpike Enterprise will pay $709.6 million and the Expressway Authority will pay $521.9 million, according to the state’s application for a $21.9 million grant from the U.S. Department of Transportation’s Transportation Investment Generating Economic Recovery Discretionary Grant program, or TIGER III.
The Expressway Authority is expected to finance its portion of the road with bonds. A governing board workshop to begin developing the five-year work plan and the Wekiva financing schedule will be held June 27.
The FDOT has not completed a detailed plan of finance, and does not have a time frame when the information will be available, agency spokeswoman April Heller said Thursday.
Generally, the state plans to fund its portion of the project with a significant amount of cash versus bonds. The cash will include $235 million that FDOT is owed by the Expressway Authority. A large portion of the cost allocated to the Turnpike Enterprise is expected to be financed with bonds.
The parkway will be constructed in eight segments, and with the federal approval the agencies can proceed with designs. Some right of way has already been acquired, though more is planned. Full construction of the project is expected to take seven years.
The beltway will traverse three counties, which comprise the main workforce for the Orlando-area’s mega-theme parks and related employers. The beltway is expected to help relieve roadway congestion particularly along Interstate 4, a heavily traveled tourist freeway.
“I am looking forward to the collaborative effort with FDOT to finish the beltway around Orlando,” said Expressway Authority chairman Walter Ketcham. “This landmark project will bring the community a much needed economic boost, provide an alternative to I-4 and alleviate congestion on many area local roads.”
Meanwhile, the Expressway Authority soon will hire a new, permanent executive director. After conducting a professional search for candidates, the agency received 33 applications recently. About half of the applicants are from Florida and rest are from around the country and Canada.
A committee will pare down the list to the top three in June, and they will be interviewed individually by the board.
A new director is being sought to replace Mike Snyder, who was forced to step down in December after board members questioned the agency’s finances and bond portfolio, which included a large amount of variable-rate debt. An interim director has been in place since then, and he recently declined to apply for the job permanently.
