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2. Summary of Reimbursement Costs
<br />In accordance with the County / MOT advance construction agreement, the
<br />County will pay $37,862,924 to the MOT in October, 2007 to move forward the
<br />Segment One (66th Avenue to 82nd Avenue) widening project. MOT will repay
<br />the Segment One funding to the County, without interest, in October, 2009. In
<br />October, 2008, the County will pay an estimated $30 million to the MOT for the
<br />Segment Two (82nd Avenue to 1-95) widening. The $30 million advance funding
<br />will be repaid to the County, without interest, over a six-year period at $5 million
<br />per year, beginning in October, 2011. A summary of the payments to and from
<br />the MOT for both Segment One and Segment Two is shown in the table below:
<br />Fiscal Year
<br />Advances to FDOT
<br />Payments from
<br />FDOT
<br />Balance Due from
<br />FDOT
<br />2007/08
<br />$37,862,924
<br />$37,862,924
<br />2008/09
<br />$30,000,000
<br />$67,862,924
<br />2009/10
<br />$37,862,924
<br />$30,000,000
<br />2010/11
<br />$30,000,000
<br />2011/12
<br />$5,000,000
<br />$25,000,000
<br />2012/13
<br />$5,000,000
<br />$20,000,000
<br />2013/14
<br />$5,000,000
<br />$15,000,000
<br />2014/15
<br />$5,000,000
<br />$10,000,000
<br />2015/16
<br />$5,000,000
<br />$5,000,000
<br />2016/17
<br />$5,000,000
<br />$0
<br />Totals
<br />$67,862,924
<br />$67,862,924
<br />----
<br />The advance funding agreements will result in the loss of interest earnings on the
<br />principal amounts advanced to the FDOT. County staff assumed an interest rate
<br />of 4.5% for the lost interest calculation. This rate is slightly lower than the
<br />average interest earned on County investments over the most recent 12 -month
<br />period (4.93% for January, 2006 through December, 2006). The lost interest
<br />earnings on the advances to MOT are tabulated on the next page.
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