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Fiscal Year
<br />Advances to
<br />FDOT
<br />Payments from
<br />FDOT
<br />Balance Due
<br />from FDOT
<br />Lost Interest
<br />Earnings
<br />2007/08
<br />$37,862,924
<br />$37,862,924
<br />$1,703,832
<br />2008/09
<br />$30,000,000
<br />$67,862,924
<br />$3,130,504
<br />2009/10
<br />$37,862,924
<br />$30,0001000
<br />$1,567,545
<br />2010/11
<br />$30,0001000
<br />$1,474,234
<br />2011/12
<br />$5,000,000
<br />$25,000,000
<br />$1,315,574
<br />2012/13
<br />$5,000,000
<br />$20,000,000
<br />$1,149,775
<br />2013/14
<br />$5,000,000
<br />$15,000,000
<br />$976,515
<br />2014/15
<br />$5,000,000
<br />$10,000,000
<br />$795,458
<br />2015/16
<br />$5,000,000
<br />$5,000,000
<br />$606,254
<br />2016/17
<br />$5,000,000
<br />$0
<br />$408,535
<br />Totals
<br />$67,862,924
<br />$67,862,924
<br />---1$13,128,226
<br />The above table indicates the lost interest on the fund advances. There is
<br />additional lost interest however due to the delayed repayment of the interest
<br />share fee. Staff performed an analysis to determine the amount of additional
<br />interest expense due to this repayment delay. In performing the analysis, staff
<br />estimated an annual traffic growth rate of 5% on SR60, with half (50%) of the
<br />SR60 traffic growth due to new development and the remaining half (50%) due to
<br />background traffic growth.
<br />Based on these projections, the net cumulative cash flow from the
<br />advancements, along with the estimated revenues, results in an additional
<br />interest expense of $1,040,613 through fiscal year 2016/17. Added to the
<br />$13,128,226 in lost interest from the table above, the additional interest expense
<br />raises the total lost interest in this project to $14,168,839.
<br />Allowing for 2% uncollectibles, the total lost interest figure was finalized at
<br />$14,452,216 ($4,345,404 for Segment One; $10,106,812 for Segment Two).
<br />Traffic generated by new development, representing half (50%) of the traffic
<br />increase, will be required to pay the interest share fee. The remaining half
<br />(50%), consisting of background traffic growth, will not pay the interest share fee.
<br />Because the background traffic on SR60 will not pay the interest share fee, staff
<br />estimates that only 50% of the lost interest will actually be recovered. Once the
<br />6 -lane capacity of SR60 is reached, the interest share fee can no longer be
<br />collected because no additional concurrency applications from developers will be
<br />approved.
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