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5/3/2005



Rail News: Rail Industry Trends

USDOT approves $170 million loan for Miami Intermodal Center



The U.S. Department of Transportation (USDOT) recently provided a $170 million loan to the Florida Department of Transportation to help fund construction of the Miami Intermodal Center, which will provide access to rail, bus, taxi and other transportation services near Miami International Airport.

In 2000, the Florida DOT obtained a $269 million USDOT loan for the project. The money for both loans was provided through a financing plan established under the Transportation Infrastructure Finance and Innovation Act. The credit assistance program is designed to help state and local governments complete transportation projects using innovative funding sources, including private capital.

By combining public and federal funding sources, the loans advance large, capital-intensive transportation improvement projects that otherwise might be delayed or abandoned, according to a prepared statement.


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