The 46.5 mile, $1.8 billion First Coast Outer Beltway is being trumpeted as one of the first private-public partnerships in Florida's history, but property taxes levied on private investors could derail the project.

"This beltway project is very important to Florida and to the region as it will ensure the mobility of people and goods and enhance economic prosperity," FDOT District Secretary Charles Baldwin said in a written statement. "The FDOT is still committed to serving the needs of the region and providing a transportation system that is safe and efficient."

The current plan is for the state to hire a private investment firm to design and operate the beltway and see a return on the investment through for-profit tolls along portions of the four-lane highway.

Baldwin believes whichever company is hired, it should not face property taxes on the land the beltway is constructed.

"Over the life of the concession of a project this size it could represent several hundred millions of dollars in property tax," Baldwin tells WOKV.

But state laws may not allow the tax break and a decision may not be made for several months.

Baldwin says as long as the decision is made in that time line the project should not be de-railed.

The DOT had hoped to name a private partner this summer.

The beltway is a toll road connecting Interstate 10 on Jacksonville's westside with Interstate 95 in northern St. Johns County and includes a new bridge near the current Shands Bridge.

Officials hope you're driving the route by 2012, but without a private partnership, the DOT can't complete the massive project until 2025.