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Finance
The Miami Intermodal Center (MIC) Program is financially balanced each year under FDOT’s 5-Year Work Program.
Having been previously designated by the federal government as a Project of National Significance, and now a Major Project due to its $1.7 billion price tag, the MIC Program was eligible to apply for and receive two loans under the Transportation Infrastructure Finance and Innovation Act (TIFIA), which was included in the Transportation Equity Act for the 21st Century (TEA21). Other major funding sources include various state and local sources, and private sector fees and charges.
The first TIFIA loan for $269 million was closed on June 9, 2000. On July 3, 2006, FDOT prepaid the first loan 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 Of the $269 million, only $15 million was withdrawn since FDOT replaced it with a more competitive internal loan through the State Transportation Trust Fund (STTF). The second TIFIA loan closed on April 29, 2005, in the amount of $170 million. An additional $100 million was requested and approved in August 2007, bringing the total for the second loan to $270 million.
Other Major Funding Sources Include:
So far, FDOT has spent over one billion dollars on the program as of June 2010. Of that, nearly $350 million was for Right of Way acquisition, utilities relocation, and environmental remediation of approximately 141 acres. In addition, FDOT has contributed $100 million towards the MIA Mover, the balance of which is the county’s contribution to the MIC Program funded under the Miami-Dade Aviation Department’s (MDAD) Capital Improvement Program (CIP).
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