Two properties acquired by The Villages for the proposed Florida Turnpike interchange at County Road 468 have been sold to Sumter County for about $1 million.
County commissioners voted Tuesday night to accept the properties.
The transaction illustrates a major role The Villages is playing in managing and financing the interchange and other road projects. Total cost of the projects involving The Villages is more than $35 million.
Mark Morse, president of The Villages of Lake Sumter, and Gary Moyer, vice president of development, signed an agreement with the county last October to supervise the projects and pay for them through impact fees with the costs eventually reimbursed by the county and state.
The Villages impact fees are calculated by assessing homes, businesses and institutions according to a fee schedule.
Projects managed and financed by The Villages include:
- Partial construction of a half and full interchange on the Florida Turnpike at County Road 468. Dirt ramps are expected to be built with paving and traffic signals delayed until final approvals, according to county officials. Estimated cost: $7.3 million.
- Traffic signals and turn-lane additions at the intersection of Morse Boulevard, State Route 44 and County Road 468. Estimated cost: $9.4 million.
- Building a second traffic bridge over the turnpike and widening County Road 468 to four lanes from State Road 44 to County Road 505. Estimated cost: $10.4 million.
- Widening of County Road 462 to three lanes between County Road 466A and U.S. 301. The 12-month project is expected to begin when the 466A project in Wildwood is finished. Estimated cost: $8.1 million.
The interchange at County Road 468 will provide easier access to the turnpike for many Villages residents, who currently must use either the U.S. 301 or County Road 470 ramps.
Most of the projects are supposed to be completed within 18 months of the start of construction, according to the agreement. The agreement terminates five years after all construction is done.
