The Central Florida Expressway Authority (CFX) board approved the repayment of a long-term debt to the Florida Department of Transportation (FDOT) today, furthering its ability to provide regional mobility solutions to Central Florida. The estimated $151 million reimbursement has been accruing since the original agreement between the two agencies was signed in 1985. Until now, CFX has been paying $20 million annually – with the final payment planned for 2024 – in exchange for FDOT building a portion of the Wekiva Parkway.
“Now is the right time for us to pay off this debt so we can focus on meeting the needs we have here in our community,” said CFX Chairman Welton Cadwell.
This move means road construction projects in the Central Florida region can move faster and money collected by CFX will stay local, providing more transportation investments and solutions for customers.