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Project Profiles

Miami Intermodal Center

Location

Miami, Florida

Project Sponsor / Borrower

Florida Department of Transportation (FDOT)

Miami-Dade Aviation Department (MDAD)

Program Areas

Project DeliveryProject FinanceTIFIARevenue - Non-Road Pricing Revenue

Fiscal Year Approved

Fiscal Year 1999

Mode

Intermodal

Description

The Miami Intermodal Center (MIC) comprises a multi-year program of ground access improvements to and within Miami International Airport (MIA). Major project elements include:

  • Miami Central Station (MCS) - Intermodal center for transit (Metrorail), commuter rail (Tri-Rail), Amtrak, and intercity bus services
  • Rental Car Center (RCC) - New rental car facility consolidating rental car operations at the airport and providing space for 10,000 cars
  • MIA Mover - Automated airport people mover to connect MIA to the MCS and RCC
  • Various roadway improvements to improve airport access

Cost

$2,043 million

Funding Sources

Federal:

  • Federal funding (grants) - $6 million
  • TIFIA loan - $270 million (capitalized interest - $46 million)

State:

  • State Transportation Trust Fund (STTF) loan - $245 million
  • Florida SIB Loan - $70 million
  • Other state funding (grants) - $1,048 million

Local:

  • MDAD - $155 million
  • Miami-Dade Expressway Authority (toll revenue) - $86 million
  • Dedicated and ancillary revenues (customer facility charges, rent, and lease revenue) - $117 million

Project Delivery / Contract Method

Construction Management at Risk

Private Partner

None

Project Advisors / Consultants

AECOM (Construction Manager) and 82 subconsultants

To USDOT TIFIA JPO:

  • TIFIA Legal Advisor: Nixon Peabody
  • TIFIA Financial Advisor: Montague DeRose

Lenders

Bondholders, USDOT TIFIA

Duration / Status

  • Roadway improvements - Construction began in June 2003, completed in May 2008.
  • RCC - Construction began in July 2007; opened for business on July 13, 2010.
  • MIA Mover - Construction began fall 2009; operational on September 9, 2011.
  • Miami Central Station - Notice to Proceed received on May 18, 2011. Expected to open in late 2013. (While a major project this segment is not funded with TIFIA proceeds.)

TIFIA Credit Assistance

The original TIFIA commitment amounted to up to $539 million, comprised of two separate obligations:

  • The 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.
  • The FDOT Program Elements loan closed on June 9, 2000 and was repaid in full on July 3, 2006. The Rental Car Facility loan closed on April 29, 2005 and was amended on August 1, 2007.

Financial Status / Financial Performance

TIFIA credit agreements:

June 9, 2000 (Roadway improvements) and on April 29, 2005 (RCF)

The first TIFIA loan was for $269 million and was prepaid by FDOT on July 3, 2006 in the amount of $17.1 million including interest, 24 years ahead of the originally scheduled maturity date. Of the $269 million, only $15 million was withdrawn because FDOT replaced it with a more competitive internal loan through the STTF.

The second TIFIA loan in the amount of $170 million was approved for the RCC. An additional $100 million was requested and approved in August 2007, bringing the total for the second loan to $270 million.

Innovations

  • Use of the Construction Management at Risk (CM) project delivery method that provides the opportunity to begin construction prior to design completion, centralize risk and responsibility under one contract, and guarantee completion of the project at a negotiated price. The CM is compensated in the pre-construction phase by a negotiated fixed fee. After the award of Guaranteed Maximum Price (GMP) construction contracts, the CM manages a fast-track construction program and construction starts before all design is complete. The CM is required to pre-qualify all subcontractors with all trade contracts being competitively bid. Consequently, all construction work will be competitively procured.
  • A Joint Development program has been established for the MIC to capture the economic development potential in the area and enhance the functionality of the MIC by encouraging public transit use.

Related Links / Articles

MIC Website

TIFIA Fact Sheet (May 2008)

FDOT MIC Financial Plan Update (May 2012)

Contacts

MIC Public Affairs Program
Ric Katz, Manager
Tel. (305) 879-0559
JSpoliansky@communikatz.com