MIAMI'S DOWNTOWN COMPONENT OF METRORAIL: PUBLIC-PRIVATE COVENTURE FINANCING USING A SPECIAL ASSESSMENT DISTRICT

This case study documents the chronological events, key issues, technical analyses and basis of resolution that led to the concensus decision to provide private-sector financial support for the Miami Downtown Component of Metrorail (DCM) Project. This process was initiated when UMTA indicated that DCM could receive federal capital support only if local officials could develop a "full funding" program that included evidence of major financial support from the downtown business community. Key elements of the funding program agreed upon are: (1) Creation of a non-ad valorem special assessment district in the Miami central business district to service a $20 million municipal bond issue; (2) Support for the County to utilize leverage leasing, connector fees and shared station costs to procure further private-sector support; (3) Decision that remaining capital funding be met through dedication of Miami CBD's share of tax increment financing revenues. The support proved pivotal in securing $64 million in capital funding from UMTA. The Miami DCM will encourage downtown development and link the entire CBD.

• Corporate Authors:

  Harmon (Robert J) and Associates

  1201 Pennsylvania Avenue, NW
  Washington, DC  United States 

  Urban Mass Transportation Administration

  Office of Planning, 400 7th Street, SW
  Washington, DC  United States  20590

  Office of the Secretary of Transportation

  Technology Sharing Program, 1200 New Jersey Avenue, SE
  Washington, DC  United States  20590
• Publication Date: 1984-2

Media Info

• Features: Appendices; Figures;
• Pagination: v.p.

Subject/Index Terms

• TRT Terms: Automated guideway transit; Federal government; Financial capital; Financing; Joint development; Leasing; People movers; Private enterprise; Taxation
• Geographic Terms: Miami (Florida)
• Old TRIS Terms: Capital funding
• Subject Areas: Administration and Management; Economics; Finance; Highways; Public Transportation; Society; I10: Economics and Administration;

Filing Info

• Accession Number: 00386397
• Record Type: Publication
• Report/Paper Numbers: DOT-I-84-16 Final Rpt.
• Files: TRIS, USDOT
• Created Date: Jun 28 2003 12:00AM