The Central Florida Expressway Authority (CFX) doesn’t have to worry about its debt to the Florida Department of Transportation anymore as of Thursday morning, as they voted to pay all of it off now.
The CFX entered into debt with the Florida Department of Transportation in 1985 to help pay for the construction of parts of State Roads 408 and 528. Because of the long-standing debt, CFX had to get consent from FDOT to move forward on transportation projects.
On Thursday, the board voted unanimously to pay off the remainder of that debt – about $150 million – to the FDOT, freeing the CFX up to have more autonomy over projects in the future.
In 2012, the Wekiva Parkway outlined a repayment of the debt to the FDOT, in exchange for the FDOT using that money to help build their sections of the parkway. Since then, CFX has been paying $20 million a year to the FDOT – with the final payment scheduled for 2024.
But as they had the money available now, the board voted to pay off the remainder of the debt.
Board Chair Welton G. Cadwell said the vote was a positive one, as it will help the board address the needs of Central Florida’s roads and infrastructure at a faster and more efficient pace.
“This took away some restrictions on that part of the agreement,” he said. “We don’t need approval from the FDOT for projects anymore. This will help the FDOT get more funding to move along on local projects.”