Brightline Gets Approval for Bonds
(Press Release)_MIAMI – December 22, 2017 – Today, Brightline announced the U.S. Department of Transportation (U.S. DOT) approved a $1.15 billion Private Activity Bond allocation, and that Brightline also secured the final two South Florida Water Management District permits needed to construct the segment between Orlando and Cocoa. Both actions are important steps as the company plans to start construction on Phase 2 in early 2018 and marks a year of achieving important milestones.
“In another major step forward for Brightline’s Phase 2 extension to Orlando, U.S. DOT approved a $1.15 billion Private Activity Bond allocation,” said Dave Howard, Brightline’s CEO. “After a successful $600 million PAB closing this week, we are pleased to have this financing option available. We appreciate the leadership of U.S. DOT as they work to move major infrastructure projects forward, creating thousands of jobs and stimulating hundreds of millions of dollars in economic development.”
Brightline is still analyzing all financing options for Phase 2, including a Railroad Rehabilitation and Improvement Financing loan. With all federal approvals in place, Brightline is finalizing the engineering and design for the rail infrastructure. Additionally, Brightline is working on the installation of a new signal system and Positive Train Control (PTC) for the entire system between Miami and Orlando. PTC will be in place between Miami and West Palm Beach in 2018 and will be operational along the entire 235-mile route when the extension to Orlando opens.
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 company continues working toward operational readiness with the Federal Railroad Administration for the launch of introductory service between West Palm Beach and Fort Lauderdale, and will release details soon.
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