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Crosstown Authority is mum on suit money

By MIKE SALINERO

msalinero@tampatrib.com

Published: July 1, 2009

TAMPA - A day after getting nearly $75 million in a lawsuit settlement, leaders of the Tampa-Hillsborough Expressway Authority say they are not ready to publicly discuss options for spending the money.

Insurers for engineering company URS agreed Monday to pay the expressway authority $74.8 million in connection with the 2004 collapse of the reversible express lanes on the Selmon Crosstown Expressway. The authority has been able to recoup, through several settlements, all but $10 million of the $92 million cost of the repair.

The authority is scheduled to discuss how to spend the money at a meeting beginning at 1:30 p.m. July 13. Executive Director Joseph Waggoner said through a spokeswoman Tuesday that he won't discuss possible uses of the money until he has a chance to discuss it with the board.

"He doesn't think it's fair to talk with the world about something he hasn't talked to his board about yet," said spokeswoman Sue Chrzan.

On Monday, expressway board chairman James Hargrett and board member Stephen Diaco said they thought the money could help the authority build new roads. Diaco said by using the money to pay down expressway debt, the board would have the ability to borrow more for projects, including the planned connector between the expressway and Interstate 4.

One caller to The Tampa Tribune suggested the authority roll back toll rates, at least long enough to pay for a toll increase that was accelerated because of the collapse.

"I'm just wondering why they raised the price we paid for the collapse, and now they're not going to drop the price after they got the settlement," Pershing Canfield said.

In January 2007, the authority raised toll rates by 25 to 50 cents, depending on the toll plaza. The increase was implemented 30 months earlier than the authority had planned, to start making payments on a $386.8 million bond issue. The bonds, issued in 2005, included about $90 million to cover the repair of the collapsed lanes.

The authority could lower the $270.7 million interest owed on the bond issue by applying the lawsuit settlement to the principal.

Reporter Mike Salinero can be reached at (813) 259-8303.

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