State Board Approves $1.7 Billion in Bonds for Miami-to-Orlando Rail Project
The Florida Development Finance Corporation, a state board, has approved nearly $1.7 billion in tax-exempt bonds for what could be the nation’s first fully privately operated rail service.
All Aboard Florida would shuttle riders from Miami-to-Orlando. It is expected to bring 10 thousand jobs and more than $2 billion in state revenue.
Supporters of the project foresee it reducing traffic on the roads and boosting tourism.
But opponents, like former American Airlines chairman Robert Crandall, call it a poor business plan that’ll dig the high-risk bond holders into debt and disrupt development.
“This is a no-win proposition. This board owes its allegiance to the taxpayers of Florida. This is a public board. They regard All Aboard Florida as their client, and that’s not appropriate,” he said at this afternoon’s meeting.
Opponents are also concerned residents would assume maintenance costs for a service that might not service their communities.