SW Florida toller to disband - victim of housing/economy collapse

Southwest Florida Expressway Authority (SWFEA) board is looking to disband the toller just five years after it was established by the state legislature. They voted unanimously last week to explore how best to wind up the toll authority. It is a victim of the great housing and economic bust of 2008 and no early prospect of earning any significant toll revenues.

SWFEA was established mid-decade when the Naples/Bonita Springs/Cape Coral/Ft Myers area of SW Florida was booming.

I-75 the main highway running north-south and parallel with the coast looked in urgent need of widening from four lanes. There was tax money to do 3rd laning but SWFEA got involved in a grand plan to use toll revenues to help reconstruct I-75 into a 2/3/3/2 lanes format, the central pair of 3 lane roadways being tolled, and the outer 2-lane roadways being free. (CORRECTIONS HERE 2010-06-17)

Slow unraveling

From about 2006 onward these schemes began to unravel. 

It seemed at first that adding 5th and 6th lanes to a 4-lane portion plus a single reversible lane addition - a 7 lane scheme - might be a viable interim scheme.

But the last year has been brutal as the full extent of the area's mortgage mess was revealed.

At the last meeting of the board Wilbur Smith's Jonathan Hart said housing starts in the area are down 96.7% on 2005 numbers.

That's almost stopped!

About 4% of the housing stock is in foreclosure making it #3 Foreclosure Metro Area in the nation.

No recovery until 2015-2017

Traffic, he said might not recover to 2005 levels until the years 2015 to 2017.

Tourism has dropped away.

State and local government revenues are down and almost all agencies that pledged startup money to SWFEA are begging out because of budgetary crises over core activities. FDOT wants repayment of a $1m loan, and Lee and Collier counties smaller amounts.

SWFEA has debt of $1.9m run up to finance studies.

The economic basis for toll lanes has collapsed, as there is presently no congestion to relieve, and little prospect of any in the foreseeable future.

Major local paper: "Just go away"

In these circumstances public support for the toiler evaporated, the Naples Times editorializing recently:

"The future for the Southwest Florida Expressway Authority?

"Go away. Just go away. The sooner, the better."

http://www.swfea.net/

TOLLLROADSnews 2010-06-13