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Project Profile: Wekiva Parkway

Wekiva Parkway - Orlando Metropolitan Region, Florida

photo credit: Florida DOT

Location

Orlando Metropolitan Region, Florida

Project Borrower / Sponsor

Central Florida Expressway Authority (CFX)

Program Area

Project FinanceTolling and PricingTIFIA

Mode

Toll Highway

Description

Authorized in 2004 by the Wekiva Parkway and Protection Act (Chapter 369, Part III, F.S.), the Wekiva Parkway (State Route 429) will complete the beltway around northwest metropolitan Orlando, Florida. The proposed 25-mile tolled expressway will connect to the existing SR 417 at I-4, providing an alternative to I-4 and relieving SR 46, US 441, and other area roads of traffic congestion resulting from increasing growth and travel among Orange, Lake, and Seminole Counties.

A TIFIA loan will finance and accelerate the delivery of the CFX portion of the Wekiva Parkway in Orange County, which consists of a 10-mile segment of the overall project to be constructed in five sections (1A, 1B, 2A, 2B, and 2C) from US 441 near Apopka north to CR 435 and the Lake County-Orange County Line. The remaining 17 miles of the parkway will be constructed by the Florida Department of Transportation (FDOT) in Lake and Seminole Counties and will connect directly to the CFX sections. The CFX portion of the project will have independent utility and will begin generation of revenues prior to the completion of the full Wekiva Parkway.
Cost

$587 million

Funding Sources

Cash contribution (toll revenues) - $139.7 million

Series 2015 Toll Revenue Bond Anticipation Note proceeds - $201.6 million

Series 2016 Toll Revenue Bond proceeds - $52.4 million

TIFIA Loan - $194 million

Project Delivery / Contract Method

Design-bid-build

Private Partner

None

Project Advisors / Consultants

To the Borrower

  • Public Financial Management, Inc. - Financial advisor
  • Shutts & Bowen LLP - Counsel

To USDOT TIFIA JPO

  • Bryant, Miller and Olive P.A. - TIFIA legal advisor
  • Louis Berger Group - TIFIA financial advisor
Lenders

Bondholders, USDOT TIFIA

Duration / Status

Construction began in June 2015. Substantial completion of the CFX sections is scheduled to occur in late 2018.

Construction on Sections 4A and 4B (approximately 3 miles across the Lake-Orange Counties line) by FDOT began in February 2013 and the sections opened in January 2016.

FDOT's construction of the remaining sections in Lake and Seminole Counties will begin 2017 and 2018.

TIFIA Credit Assistance

Direct Loan - $193.695 million

Financial Status

TIFIA credit agreement was signed on March 25, 2015.

Innovations
  • The TIFIA loan accelerates completion of the CFX sections of the Wekiva Parkway from 2019 to 2018.
  • The TIFIA loan was secured at a historically low interest rate of 1.23 percent.
Related Links / Articles

Wekiva Parkway Project Website

Central Florida Expressway Authority
Contacts

Laura Kelley
Executive Director
Central Florida Expressway Authority
Laura.Kelley@CFXWay.com

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