UF00083599_00021.pdf

UF00083599_00021.txt

UF00083599_00021_pdf.txt

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Septeiter 7, l960

Hr. Farris Bryant

P. 0. Box I773
Ocala. Florida

Dear Hr. Bryant:

Now that Labor Day is past, I imagine your campaign will pick up tempo
and get underway in earnest. Your time therefore will be devoted to consideration
of a great many issues of State and local even National concern. That the Turn-
pike occupies a position high on your list has been adequately demonstrated. in
this area, I trust that all the information which you feel you need to determine a
course of action is by now at your disposal.

One question which has been proposed to us was that of the feasibilit
of continuing the Extension to a junction with State Route 50 instead of U. S. zhl.
we have checked with both the Construction and Traffic Engineers for necessary
estimates and their reports may be summarized as follows:

Additional mileage -- approximately i3.
Added gross revenues -- $55,000 each year I96] and l96h; $l60,000 in
I965 plus an annual increment of 3% thereafter.



Cost -- Construction and right of way: $7,l00.000
Engineering: h25,000 *
Contingencies. etc.: 8&0 000 *

* Our estimate. $8,365,000

To this amount shOuld be added interest during construction (if financing is
undertaken as part of a refunding plan) and probably some reimbursement to the
State Road Department. This amount. if any, will have to be worked out with the
Department, but should be nominal.

As an addition to the original proposal under the $57 million issue,
this would not be feasible as it would dilute even further the projected marginal
coverage of debt service. in this case. $li,000,000 additional bonds would need
to be sold and annual interest charges on this amount would be about $h80.000.
Operating and maintenance expenses would take about half of the gross revenues.
" "Minn is obvious.

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