Financing district could fund P.J. Adams Parkway expansion

Published: Tuesday, June 11, 2013 at 03:56 PM.

Crestview’s TIF could generate as much as $33 million over 20 years, Haas said. The county TIF would add $47 million.

The $80 million raised locally would allow the P.J. Adams project to qualify for a $60 million bond at a 5 percent discount rate, Crestview city planner Eric Davis stated in a briefing memo.

Now that State Road 123 expansion has been funded, "The Number 1 priority for the (Transportation Planning Organization) of Okaloosa and Walton Counties is open," Davis said.

To assure the P.J. Adams bypass moves into that slot, the city must demonstrate it has a plan to help support the project, Davis said.

"P.J. Adams is our No. 1 priority in this county," Public Works director John Hofstad said. "It's a $100 million project but our budget in Public Works is approximately $15 million a year. It's going to take a multi-jurisdictional effort."

Council President Robyn Helt cautioned that other funding sources should also be researched, especially considering funding for S.R. 123 "miraculously appeared" after regional legislators pushed for it.

Though the often-discussed bypass project has been inching its way toward the top of the county's projects list, funding is unavailable and construction might not occur for 20 or more years.

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