presented to Miami-Dade MPO & FTAC presented by Cambridge Systematics, Inc. Michael Williamson September 25, 2013 Transportation leadership you can trust.
Potential Locations Possible Business Models Funding and Financing Opportunities 2
MPO study identified multiple locations classified as:» Private land located within incorporated Miami-Dade County» FDOT-owned property located in incorporated Miami-Dade County» FDOT-owned property located in unincorporated Miami-Dade County Recommended actions were defined, including:» Site plan approval and permitting with municipality and county agencies, as appropriate» Develop business model and financing plan» Construct site A champion to drive the actions was not identified 3
Development partners will impact the type of financing a project requires and is eligible for:» Public/private» Private/private Partners can provide a variety of contributions:» Land contributions» Funding contributions» Economic incentives Use of franchises, leases, and other revenue sources will impact capital, equity and repayment strategies 4
FHWA Trucking Facilities Grant Program» Annual discretionary program funded through 2012; currently unfunded; should monitor next transportation bill Department of Commerce Economic Development Administration Grants» Industrial access roads are eligible; must have economic development potential; project should increase investment in economically distressed areas and provide environmental benefits Transportation Investment Generating Economic Recovery (TIGER)» TIGER V applications recently awarded; cover variety of freight and passenger transportation projects that provide economic stimulus; future allocations could be an option although very competitive 5
I-95 Corridor Coalition Truck Parking Program» The Coalition has invested in truck parking facilities, largely from the information technology (available parking) perspective; no new funding available today; future allocations could be possible State Infrastructure Banks (SIB)» Lends money to public and private sponsors; required dedicated funding source for repayment of debt FDOT Strategic Intermodal System» SIS designation criteria modified to allow for inclusion of ILCs as freight hubs; truck parking as part of an ILC could benefit form SIS funding (connector improvements) 6
FDOT ILC Support Grant Program» FDOT created a new funding program that allocates $5M annually to support ILC development; a truck parking facility with a direct connection to one or more of Florida s seaports could potentially compete for funding (may be relatively uncompetitive with other warehouse/distribution center capacity adding projects) FDOT D6 Intermodal Funds» Districts have discretionary intermodal funds to support local projects that benefit intermodal transportation; flexibility of these funds could be explored to promote elements of truck parking facilities; currently, FDOT D6 funds are already allocated to another project 7
Enterprise Florida Capital Program» Develops equity and debt capital products to ensure that high growth Florida businesses have access to appropriate capital to finance growth and create quality jobs Florida Business Development Corporation (FBDC)» Issues 504 Loans, which provide financing for the purchase of fixed assets Miami-Dade County Industrial Development Authority (IDA)» Provides below-market interest rate financing for fixed asset (real estate and property) projects through the issuance of Tax Exempt Industrial Development Revenue Bonds 8
BAC Funding Corporation» Provides commercial credit to African-American owned businesses Some Miami-Dade County municipalities will provide low-interest financing for large-scale projects with high economic impact potential 9
Industry leaders provide various financing options to promote site development» US Energy Capital Corporation (USEC) provides financing programs to retail petroleum and convenience store industry» PetroMac provides various financing options such as administering Small Business Administration (SBA) 7(a) Loans Other not-for-profit corporations provide access to financing tools» Hialeah Dade Development, Inc., funded by the City of Hialeah and Miami-Dade County Office of Community Economic Development, provides loan packaging and marketing assistance to businesses located in Northwest Dade 10
Miami-Dade County Tax Incentive State of Florida Sales Tax Credit State of Florida Corporate Income Tax Credit State of Florida Electrical Energy Sales Tax Exemption Business Equipment Sales Tax Refund Building Materials Sales Tax Refund Property Tax Credit Community Contribution Tax Credit Program Tools for Change 11
State of Florida Qualified Target Industry (QTI) Tax Refund Miami-Dade County Targeted Jobs Incentive Fund (TJIF) State of Florida Quick Response Training (QRT) Program State of Florida Incumbent Worker Training (IWT) Program Proposed Additional Miami-Dade County Incentives 12