Fact Sheet: Miami Intermodal Center
Miami, Florida
Approved FY 1999
Borrower
http://www.micdot.com/
Florida Department of Transportation (FDOT) and Miami-Dade Aviation Department.
Description
The Miami Intermodal Center (MIC) comprises a multi-year program of ground access improvements to and within the Miami International Airport. Passenger traffic at the airport totaled 31 million in 2005. Major project elements include construction of an intermodal center for transit, commuter rail, and intercity bus services; an automated airport people mover; and highway improvements. The MIC will also consolidate rental car operations at the airport, providing space for 10,000 cars at a new rental car facility.
Project Status
Although originally scheduled for completion in January 2008, the entire program was re-evaluated after the events of September 11, 2001, which led to steep drops in air travel and rental car activity. The MIC program is moving forward with an approximate 18-24 month delay in overall implementation. All construction contracts for Phase I of the MIC have been awarded. All construction currently under contract is on time and on or under budget.
Funding Sources
Anticipated funding sources are as follows (dollars in millions):
- Federal funds: $35.0
- State and local funds: 394.0
- MDAD 232.0
- MDX Tolls 87.0
- TIFIA loan: 440.0
- SIB loan: 25.0
- Total: $1600.0
TIFIA Credit Assistance
The original TIFIA commitment amounted to up to $439 million, comprised of two separate obligations:
- FDOT Program Elements loan: $269 million; to be repaid from fuel tax revenues.
- Rental Car Facility loan: up to $170 million, amended to $270 million to be repaid from fees levied on rental car users.
TIFIA Financial Performance
On July 3, 2006, USDOT accepted $17.1 million as final payment with interest, in full, for the FDOT Program Elements Loan. The FDOT drew only $15 million of the $269 million loan facility, as it identified internal funds to replace the TIFIA assistance. Repayment came 24 years ahead of originally scheduled. The RCF loan has yet to disburse funds, as its final construction contracts are to be determined but completion of the Rental Car Facility is currently scheduled for December, 2009.