The Florida Department of Transportation (FDOT) and All Aboard Florida earlier this week agreed to lease terms for portions of the State Road 528 right of way, where All Aboard Florida plans to build and operate a passenger-rail line.
The terms call for a 50-year lease with an option to renew for another 49 years, FDOT officials said in a press release.
All Aboard Florida will pay FDOT $275,000 per year, adjusting payments annually for inflation, as the appraised fair market value of the lease. The payments are structured to enable All Aboard Florida to build and operate the line, FDOT officials said.
The service will become the nation's first privately financed, operated and maintained passenger-rail system, said FDOT Secretary Ananth Prasad.
"This high-speed passenger-rail service will offer transportation choices for our residents and visitors traveling between Orlando and Miami at no cost to taxpayers," Prasad said.
At the lease's end, All Aboard Florida will either restore the state property along SR 528 to its original condition at no cost to the state or the rail improvements will become FDOT's property, state officials said.
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