C6B Item 2 LightrailReview of Light Rail/Modern Street Car Project
1.
ACTION
th
Funds from available balances as of September 30 2015 were identified for capital Milestone
Payments for the Project. Resort Tax, City Center RDA Non Tax In funds, and
Transportation Concurrency Management Funds were identified as h funds available for
appropriation that were eligible for this use. The impacts of the following capital appropriations
on other potential projects to be funded will be presented to th
Committee as part of the prioritization of capital projects:
Resort Tax 2%$ 10.0 million
City Center Parking Garage/Shops Surplus Funds*
13.0 million
City Center RDA Other Non-Tax Increment Funds* 8.0 million
Transportation Concurrency Management Funds
5.0 million
Total
$ 36.0 million
These funds are not tax increment funds and are not part of the interlocal
*
agreementwith Miami Dade County, however, they must be used forportions
of the project within
the City Center RDA
In addition, the following revenue streams were identified as poaddress the
annual Availability Payment.
$ 1.5 million
Resort Tax 1% - South Beach Quality of Life Funds
1.0 million
People's Transportation Tax (PTP) Funds 3.0 million
Total
$ 5.5 million
State and County funding has been assumed at the level that would typically be provided for
this type of project at the same level they would provide had th
funding (25% each), and as allowed under State law for capital c
State (Phase 1: 12.5%; Phase 2: up to 50% to $ 96.88 million
average at 25%)
County 25%
Total $ 193.76 million
There remains a gap between $2 million and $18 million per year,
implementation of special assessments and partial use of funds ccommitted to the RDA
once the RDA expires. Tolls on key roads that provide transporta
considered to provide annual funding for the Project.
The resiliency-related scope of work is estimated at $25 million and is proposefunded
from the $14 million in Storm water proceeds in 2018 and $11 mil-Dade
County lnterlocal agreement funds to be received in 2017.