Lake County approves financing push to speed Heartwood Marsh rebuild and seek FDOT help on State Road 44B

Lake County commissioners on Oct. 28 authorized staff to pursue financing to accelerate two high‑priority road projects: a five‑year loan to widen Heartwood Marsh Road and a potential county cash contribution to expedite State Road 44/44B improvements with FDOT.

County Manager Jennifer explained the county had about half the funding on hand for Heartwood Marsh and could complete that project more quickly with a short‑term loan. Jake Glover of PFM Financial presented two scenarios: both assumed a $12 million initial borrowing amortized over five years for one project and an additional $10 million that could be amortized over 10 or 15 years. Glover used a ballpark interest assumption of about 3.75% for modeling and said banks typically offer prepayment flexibility at a cost.

Commissioners debated trade‑offs. One commissioner warned that accelerating SR 44 by bringing money to the table relies on FDOT repaying the county later, and stressed that the county would remain responsible for debt service if reimbursements did not materialize. Staff said FDOT had signaled willingness to “pay us back” in the years it had originally scheduled funding, which the county could use in modeling when deciding repayment structure.

After questions about timelines and procurement, the board voted to instruct staff to prepare a bond/loan package for Heartwood Marsh Road, to be repaid with identified streams including impact fees, penny sales tax and FDOT LAP reimbursements, and approved the concept of pursuing FDOT concepts for 44B and identifying a $10 million county contribution if DOT can provide implementable interim relief. The Heartwood Marsh financing motion passed unanimously; the 44B authorization passed by voice vote with commissioners asking staff to return with concept designs from FDOT before closing any loan.