Miami Mortgage News

129- Future Fec Downtown Miami Station

April 15th, 2017 10:41 AM by Nour Ailan

Future Fec Downtown Miami Station

It Looks Like Tri-Rail Just Might Get its New Station, After All

Tri-Rail went to yesterday's Miami City Commission meeting asking for $11 million from the city's coffers to help fund the commuter rail line's portion of All Aboard Florida's MiamiCentral station complex in Downtown Miami. Instead, they got at least $5.5 million in transportation taxes, as well as potentially another $5.5 million on top of the $8.3 million that the county has already pledged. Mayor Regalado, who had previously said he would veto any city funding, even went along with the deal, saying he was "ok" with it. In addition to contributions from other sources, that leaves about $29 million left to raise, and a deadline of late June in which to raise it, but the commission unanimously agreed to negotiate a $69 million multi-agency funding package to get the job done. "I'm thrilled. It's moving the ball forward," said Jack Stephens, Tri-Rail's executive director. "All of them, through the mayor and everybody else, agree to the vision of bringing Tri-Rail into downtown. Just how is always the issue."

Will Somebody, Anybody, Please Fund Tri-Rail Downtown

Tri-Rail could come to Downtown Miami, an essential element of Miami and South Florida's transportation future, if somebody, anybody (come on, we're desperate here!) ponies up the cash to pay for Tri-Rail's portion of All Aboard Florida's Downtown Miami station. Funding has to be secured in less than a few months. This could be the portion of the MiamiCentral station plan that has the most impact to locals, giving fast and easy commuter rail entry to Downtown Miami, and serving as the jumping off point for Tri-Rail's expansion up the FEC rail tracks.

The State of Florida, the Florida Department of Transportation, the County, the Omni CRA, and All Aboard Florida are all helping out. AAF has even pledged to front the entire needed cost, as a loan, if it sees that other agencies are organizing to pay it back. But now it seems the Overtown CRA, an agency originally organized to fund public housing, could take the brunt of the hit, at $28 million. Still, that's far better than nothing, and the City of Miami is considering the plan (a plan Mayor Regalado is threatening to veto. Umm, yeah) at this Thursday's commission meeting.

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Posted by Nour Ailan on April 15th, 2017 10:41 AM


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