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United States Department of Transportation United States Department of Transportation

Miami Intermodal Center (FDOT Elements)

Project Schematic
Alternate Project Name
MIC
Project Type
Other Surface Transportation
Financing Type
TIFIA
Status
Credit Agreement Executed
Sponsor/Borrower
Florida Department of Transportation (FDOT), Miami-Dade Aviation Department (MDAD)
Project Description

The Miami Intermodal Center (MIC) comprises a multi-year program of ground access improvements to and within Miami International Airport (MIA). Major project elements include:

  • Miami Central Station (MCS) - Intermodal center for transit (Metrorail), commuter rail (Tri-Rail), Amtrak, and intercity bus services
  • Rental Car Center (RCC) - New rental car facility consolidating rental car operations at the airport and providing space for 10,000 cars
  • MIA Mover - Automated airport people mover to connect MIA to the MCS and RCC
  • Various roadway improvements to improve airport access
Project Details
TIFIA Assistance
$269.00M
Primary Revenue Pledge
Motor Fuel Tax Revenues
Fiscal Year Closed
FY1999
Duration/Status
Roadway improvements - Construction began in June 2003 and was completed in May 2008.
Funding Sources
Federal:

- Federal funding (grants) - $6 million

- TIFIA loan - $270 million (capitalized interest - $46 million)

State:

- State Transportation Trust Fund (STTF) loan - $245 million

- Florida SIB Loan - $70 million

- Other state funding (grants) - $1,048 million

Local:

- MDAD - $155 million

- Miami-Dade Expressway Authority (toll revenue) - $86 million

- Dedicated and ancillary revenues (customer facility charges, rent, and lease revenue) - $117 million
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 FDOT Program Elements loan closed on June 9, 2000. The initial loan size was $269 million; to be repaid from fuel tax revenues.
Financial Status
The FDOT Program Elements 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 Of the $269 million, only $15 million was withdrawn because FDOT replaced it with a more competitive internal loan through the STTF.
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.
Application Details
Applicant
Florida Department of Transportation
LOI Fiscal Year Received
FY1999
Application Received Fiscal Year
FY1999
Estimated Project Cost
$1350.00M
TIFIA Request
$450.00M
Instrument Type
Direct Loan