As one of the fastest growing places in Florida, Pasco County is engaged in a number of projects to accommodate its continuing influx of residents. From new schools to residential and commercial developments to infrastructure improvements, great changes are in the works throughout Pasco County, at various stages of completion. One project that has been the subject of discussion and debate in recent months is the extension of State Road 56. Now, in a unanimous vote, the Pasco County Commission has voted to submit a letter of interest for a loan to add an additional two lanes to the planned extension.
In a project planned by the Florida Department of Transportation, contractors Cone & Graham will be building a two-lane extension of route 56 from Meadow Pointe Boulevard in Wiregrass Ranch to U.S. 301 in Zephyrhills. Many locals, however, including Zephyrhills city officials, do not think that two lanes will be wide enough to accommodate the traffic coming in and out of the city. Yet even after much prodding, state highway officials are unwilling to agree to a four-lane project, due to a lack of funds. This dilemma has culminated in a May 19th vote in which the Pasco County Commission has approved the submission of a letter of interest in a $27 million 30-year low-interest loan to the State Infrastructure Bank.
Plans to secure a low-interest state loan for the two additional lanes have been in the works since at least February, after a Zephyrhills town hall meeting. Later, on May 11th, Pasco County planning and development administrator Richard Gehring, along with Assistant County Attorney David Goldstein, presented to the City Council a preliminary plan for how the city can manage repaying the loan. Cone & Graham have since provided the $27 million estimate, although Gehring asserts that the final cost could be less.
At this point nothing is finalized, and the County is not required to agree to the loan until they are ready to make a final decision. If the county does decide to move forward with the loan and the project, the repayment plan could include county-collected mobility surcharge fees for developers, and possibly revenues from gasoline taxes and special assessments. To round things out, the Zephyrhills City Council has also stated that it will pay up to 10% of the annual payments on the loan. With the current estimates, this would amount to around $1.3 million per year.
Although there have been some concerns that this project could cut in to other infrastructure improvement projects in the area, the overall response has been positive. With so much development taking place in the area, most residents and officials seem to agree that four lanes are necessary for this extension to best serve the people of Zephyrhills and Pasco County. A final decision is expected to be announced shortly.
If you are interested in more information on this project, or Pasco county real estate, please contact Rose & Joe LoCicero at (813) 435-5411 or start your home search now.