Finance

The Miami Intermodal Center (MIC) Program is a fully funded program and its budget is 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 $1.4 billion price tag, the MIC Program was eligible to apply for and receive two loans, one for $269 million and another for up to $170 million, under the Transportation Infrastructure Financing 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 Of the $269 million, only $15 million was withdrawn since FDOT replaced it with a more competitive internal loan through the State Transportation Trust Fund (STTF).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. Currently, $170 million has been approved and an additional $100 million has been requested..

Other Major Funding Sources Include:

• Federal TIFIA Loans – Click here for view the MIC Program’s TIFIA information.
• Miami-Dade County/MDAD contributions
• Transportation funding prioritized by Metropolitan Planning Organization
• Miami-Dade Expressway Authority   
• Private sector contributions
• Customer Facility Charges paid by rental car customers
• Lease Revenues paid through extended possession leases on property already acquired
• Contingent Rent to be paid by rental car companies, if necessary
• FDOT SIB Loan

So far, FDOT has spent nearly $600 million on the program. Of that, $340 million was for right of way acquisition, utilities relocation, and environmental remediation of approximately 141 acres. In addition, FDOT has contributed $80 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).

• The RCC will be funded by one of the TIFIA loans, as well as from customer facility charges (CFC’s) now in place on all rental car contracts originating at MIA.
• The internal STTF loan is being used to fund all other major elements of the program, such as the Miami Central Station and Roadway Improvements.
• The MIA Mover is funded primarily through MDAD’s CIP.
• Joint Development is envisioned to be privately funded by developers interested in leasing the MIC properties available for this purpose. FDOT may either lease or sell the joint development parcels to the County with MDAD taking the lead with a developer.

Click here to view financial reports: 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007