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 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 Of the $269 million, only $15 million was withdrawn since FDOT replaced it with a more competitive internal loan through the State Transportation Trust Fund (STTF).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 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:

• 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 
• 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
• FDOT SIB Loan

So far, FDOT has spent over $800 million on the program as of July 2008. 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 $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 the second TIFIA loan ($270 million), as well as from CFC revenues now in place on all 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 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. Alternatively, FDOT may either lease or sell the joint development parcels to another agency, allowing it to take the lead with a developer.

Click here to view financial reports: 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008