The Florida Department of Transportation (FDOT) is taking over the Garcon Point Bridge, ponying up a $134 million settlement to finish the deal.
FDOT paid that money to UMB Bank, representing bondholders. The bridge was supposed to make enough revenue to pay off those bonds. But after opening in 1999, the bridge failed to bring in enough money.
That led to UMB Bank suing, and pushing for tolls to rapidly increase. That surge also failed. But the new settlement allows FDOT to take over the bridge and drop the tolls to $2.30 for SunPass drivers and $2.75 for other drivers.
– Ryan Nicol, Florida Politics