TIFIA Assistance
$270.00M
Primary Revenue Pledge
User Charges
Fiscal Year Closed
FY1999
Duration/Status
Roadway improvements - Construction began in June 2003 and were completed in May 2008. Rental Car Center - Construction began in July 2007 and reached substantial completion in July 2010 with the facility opening for business on July 13, 2010. Miami International Airport (MIA) Mover - Construction began fall 2009 and went operational on September 9, 2011. Miami Central Station (MCS) - Notice to Proceed received on May 18, 2011 and was opened to the public in February 2015. MIC project has reached Final Acceptance and all construction was completed in August 2016.
Funding Sources
Federal Funding (Grants): $6M
TIFIA Loan: $270M (capitalized interest of $46M)
State Transportation Trust Fund (STTF): $245M
Florida State Infrastructure Bank (SIB) Loan: $70M
Other State Funding (Grants): $1,048M
MDAD funds: $155M
Miami-Dade Expressway Authority (toll revenue): $86M
Dedicated and Ancillary Revenues (customer facility charges, rent, lease revenue): $117M
Project Delivery/Contract Method
Construction Management at Risk
Project Advisers/Consultants
AECOM (Construction Manager) and 82 subconsultants
To USDOT TIFIA JPO:
TIFIA Legal Advisor: Nixon Peabody
TIFIA Financial Advisor: Montague DeRose
Project Lender
Bondholders, USDOT TIFIA
Credit Assistance Detail
The original TIFIA commitment amounted to up to $539 million, comprised of two separate obligations: 1) The FDOT Program Elements loan, which closed on June 9, 2000 for up to $269 million, to be repaid from fuel tax revenues; the loan was prepaid in full on July 3, 2006. And 2) the Rental Car Facility loan, which closed on April 29, 2005 for up to $170 million, amended to $270 million on August 1, 2007, to be repaid from fees levied on rental car users.
Financial Status
TIFIA credit agreements were signed in June 2000 (Roadway improvements) and April 2005 (RCF). The first TIFIA loan was prepaid by FDOT on July 3, 2006 in the amount of $17.1 million including interest, 24 years ahead of the originally scheduled maturity date. Of the $269 million, only $15 million was withdrawn because FDOT replaced it with a more competitive internal loan through the STTF. The second TIFIA loan in the amount of $170 million was approved for the RCC. An additional $100 million was requested and approved in August 2007, bringing the total for the second loan to $270 million. The payoff date for both loans is anticipated in 2029, 15 years ahead of the Final Maturity Date in 2044.
Innovations
Use of the Construction Management at Risk (CM) project delivery method that provides the opportunity to begin construction prior to design completion, centralize risk and responsibility under one contract, and guarantee completion of the project at a negotiated price. The CM is compensated in the pre-construction phase by a negotiated fixed fee. After the award of Guaranteed Maximum Price (GMP) construction contracts, the CM manages a fast-track construction program and construction starts before all design is complete. The CM is required to pre-qualify all subcontractors with all trade contracts being competitively bid. Consequently, all construction work will be competitively procured.
A Joint Development program has been established for the MIC to capture the economic development potential in the area and enhance the functionality of the MIC by encouraging public transit use.
