The developers are footing the bill because the Florida Department of Transportation confirms it didn't have enough money budgeted when the interchange proposal was first made in 1991 by the Schrimsher real estate family of Orlando which owned the land.
"It might have taken us another 10 to 15 years" to find the funds for the project, DOT communications director Steve Homan tells GlobeSt.com. The DOT normally pays for interchange construction.
The developers will be paying a total $56.5 million when loan interest is factored in over the 25-year payout period. But the annual mortgage payments of $1.6 million may not be fully met from currently-assessed taxes for two or three years because the mall won't be open for another 18 months.
City officials confirm the mall then will be generating excess property taxes from tenants that will cover the interchange's construction cost and related city/county infrastructure expenses at the retail center. The mall's previously-announced anchors are Neiman Marcus, Bloomingdale's and Macy's.
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