SR 417 Extension Sketch-Level Traffic & Revenue Evaluation Florida Department of TRANSPORTATION SR 417 Extension Sketch-Level Traffic & Revenue Evaluation August 26, 2015

Sketch-Level T&R Evaluation Update to 2003 Study Higher-Level, Conceptual Effort Using Existing Data and Inputs Evaluate Key Inputs What Has Changed Over Past 12 Years? Impact on Traffic? Impact on Revenue? Identify New Alternatives for Consideration Update Project Costs Reassess Revenue/Cost Differential Florida Department of Transportation

Project Overview Extension of SR 417 in Seminole County to I-95 in Southeast Volusia County New, Four-Lane, Limited-Access Toll Facility Approximately 30 Miles Long Alternative for Trips from Volusia to Orlando Includes New St. Johns River Crossing Crosses Environmentally Sensitive Areas Florida Department of Transportation

Study Area Florida Department of Transportation

Corridor Alternative 1 Florida Department of Transportation

Corridor Alternative 2 Florida Department of Transportation

Corridor Alternative 3 Florida Department of Transportation

2003 T&R Study Results Florida Department of Transportation

2003 T&R Study Results 2003 T&R Study Conclusion: Project shortfall of $620 to $780 million Florida Department of Transportation

Sketch-Level T&R Update Population Data Network Access Locations Developments within Study Area New Opening Year (2025) Updated Project Costs Florida Department of Transportation

Population Data - Comparison County 2003 BEBR Medium Population Estimate 2015 BEBR (PS 171) Medium Population Estimate % Change in Population Estimate 2010 2030 2010* Volusia 515,100 645,200 494,593 563,900 -4.0% -12.6% Brevard 551,300 685,800 543,376 631,100 -1.4% -8.0% Seminole 450,300 598,700 422,718 522,300 -6.1% -12.8% Total 1,518,710 1,931,730 1,462,697 1,719,330 -3.7% -11.0% *2010 Census Population Florida Department of Transportation

Network SR 415 SR 44 I - 4 I – 95 Lake Mary Blvd 2-Lanes 4-Lanes Florida Department of Transportation

Network - SR 415 Historical Traffic Florida Department of Transportation

Access Locations 2003 Study Access Additional Access I-95 I-95 Maytown Rd Maytown Rd SR 46 SR 46 Lake Mary Blvd / International Airport Lake Mary Blvd / International Airport SR 417 SR 417 New Access Florida Department of Transportation

Developments within the Study Area Restoration DRI 8,500 Residential Units 3,825 SF Units 4,675 MF Units 3,300,000 Non-Residential Square footage 1,904,442 sq ft. Office 1,395,557 sq ft. Retail 74% of total land area (3,872 ac.) planned for conservation Farmton MDRI 23,100 Residential Units 2017-2025: 4,692 Units 2026-2060: 18,408 Units 4,700,000 Non-Residential Square footage 2017-2025: 820,217 sq. ft. 2026-2060: 4,700,000 sq. ft. RESTORATION FARMTON Access Locations Florida Department of Transportation

Net Present Value (NPV) in $Millions Base Case Same Toll Rate Same Access Points Updated Land Use and Model Network 2025 Opening vs. 2010 Opening Year Indexed Toll Rates vs. Toll Increases Every 10 Years Alternatives Net Present Value (NPV) in $Millions 2003 T&R Study $196 M 2015 Sketch-Level T&R Evaluation $260 M Change From 2003 Study +$64 M (+32%) Florida Department of Transportation

Net Present Value (NPV) in $Millions 2015 Study Build Alternatives Alternatives (Higher Toll Rate) Net Present Value (NPV) in $Millions Change from 2003 NPV $196 M Same Access Locations as 2003 Study $364 M + 85% Additional Access Locations At SR 46 and Lake Mary Blvd $402 M + 105 % Higher Land Use Related to Restoration and Farmton $497 M + 153 % Florida Department of Transportation

Updated Project Costs Corridor 1 $887 M $1.5 B + 69% Corridor 2 $851 M Change in Cost Corridor 1 $887 M $1.5 B + 69% Corridor 2 $851 M $1.4 B + 65% Corridor 3 $824 M $1.3 B + 58% *Project unit costs were updated, however, ROW and mitigation costs were not updated in this effort. Additional costs related with the addition of new access points was not included in the cost estimates. Florida Department of Transportation

Revenue/Cost Differential Alternatives NPV Cost* Difference in Millions Base Case $260 $1,300 -$1,040 Higher Toll Rate - 2003 Access $364 -$936 Higher Toll Rate - Additional Access $402 -$898 Higher Toll Rate - Higher Land Use $497 -$803 *Costs shown for Corridor #3 and do not include updates to ROW and Mitigation, or the cost for the additional access points. Florida Department of Transportation

Conclusion Project Assumptions Evaluated and Updated Additional Alternatives with a Higher Toll Rate Additional Access Higher Land Use from Developments Updated Project Costs R/W and Mitigation Costs Still Need to be Updated Project Still Has Significant Shortfall ($803 M to $936 M) Florida Department of Transportation

Conclusion QUESTIONS? Florida Department of Transportation