United States Department of Transportation
i
Miami’s Downtown Component of Metrorail: Public-Private Coventure Financing Using a Special Assessment District
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1984-02-01
[PDF-3.41 MB]
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Abstract:On September 19, 1981, a committee of thirteen local Downtown Miami private sector business community and five public or quasi-public representatives unanimously endorsed a resolution to implement a private/public coventure funding program involved in the implementation of a benefit assessment district to provide sufficient revenue to pay the principle and interest and market placement costs of $20 million in municipal bonds. In addition, their consensus support was given to: 1) the negotiation of $10 million in additional funding through station cost sharing agreements; and 2) if necessary, use of tax increment financing to ensure that this system would be implemented. This case study report documents the step-by-step process of consensus building that was required to achieve this precedent-setting decision. The report also delineates the Federal, State and Local implications of this decision on future fixed guideway system development in the State of Florida and throughout the United States. While at the time the decision was reached, the outlook for fixed guideway system development in the United States was tenuous, these individuals' collective actions became a "beacon" to the entire State of Florida that cooperative private/public sector efforts could be achieved and that private sector (i.e., local business community) involvement would be essential to the future development of "new fixed guideway systems." The action by the local business community of Downtown Miami was not in any sense a contribution — it was a calculated investment — that was successful.
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