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Wekiva Parkway

Wekiva Parkway Project Map
Project Type: 
Roadways and Bridges
Sponsor / Borrower: 
Central Florida Expressway Authority
Credit Agreement Status: 
Active
TIFIA Assistance: 
$194 million
Primary Revenue Pledge: 
Toll Revenues
Project Cost Details: 

$587 Million

Duration / Status: 

A Finding of No Significant Impact (FONSI) was awarded by FHWA in 2012. CFX will begin construction in 2015 and is expected to reach substantial completion in 2018. 

Fiscal Year Closed: 
FY2015
Project Description: 

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

The TIFIA loan will finance the CFX portion of the Project which consists of approximately 10 miles of the overall project to be constructed in 5 segments (CFX Project).   The remaining 17 miles of the Project will be constructed by the Florida Department of Transportation (FDOT) and will connect directly to the CFX section(s).  It is important to note that the CFX Project will have independent utility and will begin generation of revenues prior to the completion of the entire Project.

Funding Sources: 

Cash Contribution from Pay-Go: $333.4 M

Series 2015 Bond Anticipation Note Proceeds: $201.6 M

Series 2016 Bond Proceeds: $52.4 M

Project Delivery / Contract Method: 

Design-Bid-Build

Project Participants: 
Various
Project Advisors / Consultants: 

Public Financial Management, Inc - Financial Advisor

Shutts & Bowen LLP - Counsel to the Borrower

To USDOT TIFIA JPO:

  • TIFIA Legal Advisor: Bryant, Miller and Olive P.A.
  • TIFIA Financial Advisor: Louis Berger Group
Project Lender(s): 
Bondholders, USDOT TIFIA
TIFIA Credit Assistance Detail: 

Direct loan: $193.695 million

Financial Status: 
TIFIA credit agreement was signed on March 25, 2015.
Project Contacts: 

Laura Kelley

Deputy Executive Director

Finance and Administration

Laura.Kelley@CFXWay.com

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