Today, the Florida Development Finance Corporation approved Brightline's request to act as a conduit for the issuance of $1.75 billion in Private Activity Bonds. These bonds will finance the rail infrastructure in five counties, including Miami-Dade, Broward, Palm Beach, Brevard and Orange counties.
“We appreciate the FDFC board's continued support in the Private Activity Bond process and the members' recognition of the significant economic impacts Brightline will have on the state,” said Patrick Goddard, Brightline's president and coo. “This is another important step forward for our Phase 2 extension to Orlando, and we look forward to executing this transformative vision of privately funded intercity passenger rail.”
Private Activity Bonds are designed for private infrastructure projects, such as Brightline, that offer a public benefit. They are not backed by the federal, state or local governments and pose no risk to taxpayers. The bonds may only be purchased by qualified, private investors who must perform their own due diligence.
With all material permits in place, Brightline expects to start construction on Phase 2 this year. Brightline's station in Orlando will be located at the Orlando International Airport's new Intermodal Terminal Facility that will be the hub of the future South Terminal complex. The Orlando expansion is slated to open in 2021. Recently, Brightline confirmed it is engaged in an RFP process with the Florida Department of Transportation to extend the system to the Tampa Bay region.
For images of Brightline, see below:
Brightline is the new benchmark for travel by train in America with express inter-city passenger rail service connecting Miami, Fort Lauderdale and West Palm Beach, with future service to Orlando. Providing a travel option that lives at the intersection of transportation and hospitality, the service will ease the stress of traffic, provide a simple and intuitive experience from door to destination, and foster new opportunities to explore more of Southeast Florida. Brightline is the only privately owned, operated and maintained passenger rail system in the United States. For more information, visit our website: www.gobrightline.com and follow us on Facebook, Instagram and Twitter.