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Wednesday, after an eight hour meeting, All Aboard Florida (AAF) won approval to issue $1.75 billion in Private Activity Bonds (PAB’s) by the Florida Development Finance Corporation (FDFC). This will fund their $2.5 billion project.
The intercity rail project will run on 235 miles of track from downtown Miami to a station at Orlando International Airport by the middle of 2017. The route will be serviced by 32 round-trip trains a day using Siemens trainsets, rated for 125 mph.
In the first year alone, AAF anticipates 753,700 passengers and $32 million, and by the year 2020 it will have increased to 5.3 million passengers and $343.90 million in fare revenue. Additionally, there are many economic and environmental benefits that this new line will bring to Florida and they expect to take 3 million cars off the road.
This is a positive step forward for US high-speed rail. We are excited to see another project that will demonstrate the benefits of faster, more frequent, and dependable service. If you’d like to learn more details about the project visit their website at AllAboardFlorida.com.