HomeMy WebLinkAboutExhibit 2EXHIBIT B
(PORT TUNNEL PROJECT)
This Exhibit is approved simultaneously with and is incorporated into, and made
a part of, the 2009 Amended Plan. Section 6 of the Plan, entitled "Capital
Improvement Costs and Priorities' is amended to include the Port Tunnel Project.
The following information is provided, as required by Section 163.362, Florida
Statutes:
1. Description of Project:
With the ever increasing congestion through a developing area of
downtown Miami, existing transportation quarters are under duress. The
revitalization of eastern portions of downtown is inextricably linked to the
need for, alternative access to the port. Over the years the Florida
Department of Transportation (FDOT) has examined a number of
proposed above and below ground transportation solutions that would
take 1.3 million port bound trucks annually (nearly 5,500 trucks and buses
per day) off Biscayne Boulevard. To this end, the City and the County
have over the past years been in negotiations with FDOT to explore
funding options for the construction of what has been proposed as the
most viable alternative—a bored tunnel linking the port with the interstate
highway system by way of Watson Island. The Project consists of 3
primary components: (1) widening of the MacArthur Causeway bridge; (2)
tunnel connections between Watson Island and Dodge Island; and (3)
connections to the port of Miami roadway system.
The Project meets the Plan's Strategies for Transportation in promoting
the improvement of transportation components that will improve the
overall regional access and connectivity to the OMNI CRA, and is
contemplated by the Project Information Memorandum dated February 17,
2006 issued by the Florida Department of Transportation ("PIM").
Construction of the Tunnel is set to begin 9 months after the execution of
the Concession Agreement (currently anticipated to be in early October,
2009) and is anticipated to be completed within 3 -5 years thereafter.
2. Detailed Statement of Proiected Costs:
The Port Tunnel Project is expected to cost $915 million, to be shared
between the local partners (City and County) and FDOT. The City's cash
contribution is capped at $50 million, plus interest and fees associated
ors:Document 193734.doc
09_oio5r ExkIb►tz
with any credit facility, and is expected.tofbe financed -using tax increment
revenues. The balance to be paid by`the FDPT and the County, as
specifically set forth in the Master Agreement,
Attachment 1 demonstrates the detailed financing plan for this project and
the Museum Park project.
A MORE DETAILED DESCRIPTION OF THE PROJECT IS
FOUND IN THE PORT TUNNEL AGREEMENT AND
RESOLUTION.
ors:Document 193734.doc