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Projects: Rental Car Center

Finance

The Miami Intermodal Center (MIC) Program is financially balanced each year through FDOT’s Five-Year Work Program process.

Having been previously designated by the federal government as a Project of National Significance, and now a Major Project due to its current $2.0 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 ($15 million in actual loan draws plus accrued interest). FDOT replaced the first TIFIA loan with a more competitive 0% interest 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, the proceeds of which were used to design and construct the consolidated Rental Car Center.

Other Major Funding Sources Include:

  • Federal TIFIA Loans – Click here to view the MIC Program’s TIFIA information
  • Miami-Dade County/MDAD contributions
  • Transportation funding prioritized by the Metropolitan Planning Organization
  • Miami-Dade Expressway Authority contributions
  • Three FDOT SIB Loans
  • Private sector contributions
    • Customer Facility Charges (CFC) paid by rental car customers
    • Contingent Rent to be paid by rental car companies, if necessary
    • Lease Revenues paid through extended possession leases on MIC property already acquired
    So far, FDOT has spent over one billion dollars on the program as of May 2013. Of that, nearly $335 million was for Right of Way acquisition, utilities relocation, and environmental remediation of approximately 141 acres. In addition, FDOT contributed over $100 million towards the MIA Mover, the balance of which was the county’s contribution to the MIC Program funded under the Miami-Dade Aviation Department’s (MDAD) Capital Improvement Program (CIP).
    • The RCC was funded by the second TIFIA loan ($270 million), as well as from cash on hand from CFC revenues, which have been collected since 2004 on rental car contracts originating at Miami International Airport.
    • 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 was 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.

    Click here to view financial reports: 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008/2009 | 2010| 2011| 2012 | 2013

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