House to vote on Garcon Point Bridge acquisition bill

MILTON — An amended bill Rep. Jayer Williamson proposed, that would allow the Florida Department of Transportation to take ownership of the Garcon Point Bridge and lower the tolls, unanimously passed the House's Government Accountability Committee on Feb. 26 and is headed to the Florida House of Representatives for a vote. 

According to Williamson, the vote could take place within a week as the legislative session is coming to a close. The bill would allow the state to attempt to acquire the privately-owned bridge, making it FDOT's responsibility. 

“Instead of us reissuing the bonds and the bridge going into the turnpike system… how do we do something that would alleviate the tolls and bring it under an organization that the people of the panhandle can get to when they have an issue?” Williamson asked. “And that’s bringing it under FDOT.” 

The current toll is $3.75 for two-axle vehicles and an additional $3.75 for each additional axle. In 2015, the Bank of New York Mellow — the bridge’s previous trustee — demanded a hike in the toll to $5; however, the state refused. 

Currently, FDOT operates the bridge under a lease-purchase agreement with the bridge authority at a cost of approximately $1.5 million per year. Williamson said the state is losing $2 million per year on the bridge. 

If FDOT acquires the bridge, the tolls will be lowered to $2 for two years, according to the bill. After that time, FDOT would reevaluate the usage, but will not increase the toll to more than $2.50. 

“When you… talk to people, $2 is kind of that sweet spot,” Williamson said. “Let’s see if the ridership goes up when we drop it, which it should. That will cover the operations and maintenance, so we’re not going to lose that like we have been for the last 20 years.” 

The bill would not allow tolls to increase by more than 25 cents per two-axle vehicle in any two-year period. Under the bill, the state would try to purchase the Garcon Point Bridge from UMB Bank, N.A. — the current trustee from St. Louis, Missouri. 

The bridge would be purchased at 50 percent of the total amount owed to the bondholders as of July 2017, minus the money owed to FDOT, which would equal a total of $51 million. 

According to Williamson, $135.2 million is owed to bondholders. The state would subtract $33 million owed to FDOT by the Santa Rosa Bridge Authority. Of the remaining $102 million, the state would offer 50 cents on the dollar to purchase the bridge. 

“What that does is it gives a clean slate,” Williamson said. “It’s almost like ‘Men in Black’ when they have the thing they put in front of your face and they press the button and everything’s clear. That’s what we’ll do to this bridge.”

This article originally appeared on Santa Rosa Press Gazette: House to vote on Garcon Point Bridge acquisition bill