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TAMPA — The Tampa-Hillsborough Expressway Authority is now an independent entity and is no longer part of the Florida Department of Transportation, the agency announced this morning.
The authority, THEA, earned its freedom when it sold more than $455 million in bonds Dec. 19. The sale, according to a release, “enabled THEA and FDOT to terminate their lease-purchase agreement and confirm THEA's absolute ownership of the Lee Roy Selmon Expressway and other assets.”
Authority officials say the independence will help road construction projects in the Tampa area move faster. “The Tampa-Hillsborough Expressway Authority is hitting the fast lane thanks to this historic action,” Expressway Authority Board of Directors Chairman Stephen Diaco says in a release. “Every cent collected by THEA remains in our community; that means more transportation investments and solutions for our customers.”
Proceeds from the THEA bond sale, according to the release, will refinance outstanding bonds; repay a $49.2 million loan made by FDOT from the State Infrastructure Bank; and repay a $7.4 million loan from the state Toll Facilities Revolving Trust Fund. This will free up more than $33 million for new work, THEA says.
The agency, user-financed and led by a board of local citizens, oversees Brandon Parkway and Meridian Avenue, in addition to the Selmon Expressway. The agency collects tolls for revenue, and doesn't receive tax dollars.
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