Report: I-4 Ultimate Project 8 months behind and $100 million over budget

- The I-4 Ultimate Project is struggling, as the project's backers are asking for more time and money.

A new report says that the I-4 Ultimate Project is eight months behind and $100 million over budget. Moody's Investors Service are now downgrading the project and raising red flags for investors and drivers.

The new report says that equipment problems have caused the project to fall behind. 

Those in charge are reviewing the report, but still have their eye on the finish line, as no time extensions or financial considerations have been granted yet. 

The Florida Department of Transportation (FDOT) says that "regarding the Moody's downgrade, the purpose of their financial report is to analyze the project from a financial point of view, due to the certain amount of financial risk. The report is not the driver or final say in the department's decision to approve or reject the concessionaire's request for additional time."

Construction litigation attorney Gene Shipley says that this is common with projects of this magnitude. He says that "I think if you were to look at similar construction projects across the state and even across the nation, it's probably not completely out of line." 

Shipley believes the real problem lies when there is a pattern of delays. "It's okay if they fix the problem, if we're still having this conversation ten years from now, ask me again."

 

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