Bridge toll increase matter of 'when' not 'if'

Despite months of public outcry, protests from local officials and threats of boycotts from residents, it appears a one-way cash toll increase on the Garcon Point Bridge will be happening after all.

After a disappointing meeting Thursday with attorneys representing bondholders of the privately-owned bridge, State Rep. Doug Broxson said that according to the trustees, it's not a matter of if a toll increase will occur, but when.

"They didn't give a time, but they did say they're going to do it," Broxson said.

Despite stressing the low morale and contention surrounding the Garcon Point Bridge, which is about $130 million in default, Broxson said the attorneys would not budge.

"There was nothing that I could say that would convince them that if they have an increase, that it would not increase revenue," he said.

Broxson's initial goal for the meeting was to encourage the bondholders' trustee to perform a traffic and revenue study to determine if a toll increase is absolutely necessary.

Though a study was included with the letter sent in November to the Santa Rosa Bay Bridge Authority requesting the toll increase, Broxson previously questioned its validity, saying it didn't rise to the level of a legitimate traffic and engineering study necessary to justify a toll increase.

Broxson said the attorneys stood by the study, which projects increasing the one-way cash toll from $3.75 to $5 and reducing the SunPass discount from 50 percent to 25 percent would increase revenue to $6.7 million in 2015, compared with an estimated $5.4 million in 2014.

"I cautioned them," Broxson said. "I said, 'I believe if you have an increase, it'll create a backlash for you and could cost you revenue rather than increase revenue.' They couldn't be persuaded that that would happen."

A letter sent to the Santa Rosa Bay Bridge Authority dated Nov. 6 from the bondholders' trustee, the Bank of New York Mellon, requested the Santa Rosa Bay Bridge increase the SunPass transaction rate from $3.75 to $4, increase the cash transaction from $3.75 to $5 and reduce the SunPass discount for heavy users from 50 percent to 25 percent.

Since a string of resignations left the bridge authority vacant and powerless, there was no way for the board to increase the toll as requested.

According to the lease-purchase agreement between the authority and the Florida Department of Transportation, in the event the authority does not set the tolls in accordance with the resolution and FDOT is notified in writing by the trustee, FDOT will then establish and collect tolls according to the resolution.

Broxson said the next step would be for the trustee to notify FDOT of the increase, which the department would be required to raise since the state has no ownership of the bridge.

The privately-owned bridge opened in 1999 and was financed through $95 million in bonds, due to mature in 2028.

With debt accumulating on the bridge, however, bondholders have not received the return promised on their investment, Broxson said, and the pressure on the trustees to generate more revenue was clear during the meeting.

"They're not happy with their circumstances, and we're certainly not happy with ours," he said.

In attendance at the meeting were attorneys Warren Bloom and Michael Watkins with Greenberg Traurig, representing the bondholders, along with Sean Gumbs with FTI Consulting, which performed the traffic and revenue study on the bridge.

Santa Rosa County District 2 Commissioner Bob Cole had also planned to attend, but he was unable to due to a weather-related flight cancellation.

Bloom could not be reached for comment.