Credit crunch could delay Jacksonville port roadwork - Jacksonville Business Journal:

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The city originally expected to unveil itsinitiative Oct. 1, but now planxs to have an idea of whicbh projects it will how much they will cost and wherre the money will come from by early next saidRon Barton, executive directorr of the . “Wee knew what the port was anticipating, but now with the signinfg of Hanjin [Shipping Company Ltd.], it’s a reality,” said Jacksonville Transportation Authority CEO and PresidentMichael J. Blaylock.
“The rulee of the game are changinyg and we have to think of reprioritizing our capital Barton said the city willneed $40 millionj to $60 million to leverage the $200 millionh needed for projects that will handlde the port’s growth until 2011. U.S. Rep. Corrined Brown is requesting federal funding forabout $75 millionh worth of such projects through the federal transportation stimulus package, Blaylocik said.
He said the stimulus package, whicjh would likely be more than $200 could be approved by Presiden t George Bush before he leaves Federal fundingwill help, but Blaylock said declining revenue from the fuel tax is forcintg the authority to look outside the state and federaol governments for help building roads. It will probably take public-privatw partnerships because the statre and federal government will only be able to providd about 30 percent of theneedee funding. Mayor John Peyton said it wasn’y clear how much money the city woulde give to theinfrastructure investment.
In he told Congress that it wouldx takeabout $325 million to make the necessary highway improvements and $100 million to builc a new rail If the city could find a steaduy revenue stream, such as a grant, it could then finance over time a company’z design, construction and operations of roadways. Blaylock said the city is looking for such revenue Another option is for the city to use its existingf money to leverage a partnershipo witha company. Adding tollz on new corridors and on lanes of existing roads is the way infrastructurr developmentis headed, Blaylock said. The tolls woulr be handled electronically so thattrafficd wouldn’t be slowed.
Ike Sherlock, vice president of , said addiny tolls to roads around theport wouldn’t make the port less competitiver as long as they didn’t slow down traffic. The northerm portion of the outer beltway is a strong candidats for a toll roadsystem designed, built and run through a public-private partnership. Because 15 percentt to 20 percent of port traffic is expected tomove south, entering a simila partnership for the expansion of State Road 9B is also beinv considered. Those involved in creating the infrastructurrinitiative — including JTA, the , the and Gov.
Charliew Crist’s office — are weighing their options, as is the Jacksonville City Council’s finance committee. The finance committeed was scheduled to discuss how the worldwide financiall crisis is affecting its local budget and independen tauthorities Nov. 3. But committee chairman Michael Corrigan said the discussion has beendeferrer “because it could be completely a month from now. City Council Auditod Kirk Sherman surveyed the agencies in October primarily about its financing in varioues debt markets and was going to report results and recommendationzs at the committee The finance committee will meetagain Nov. 17.