TPO's Special Assessment Funding Option presentation to the TPO Fiscal Priorities Committee on March 19, 2018.

1. Special Assessment
Funding Option
Fiscal Priorities Committee
March 19, 2018
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2. Metromover Special Assessment
• County Ordinance 86-44, created a Special
Assessment District for Metromover
• Designed to yield $23 million toward local share for
Metromover capital costs in 1986
• Total Project cost was $154 million at the time of the
Federal Grant Agreement in 1989 – Special
Assessment share at $23 million was 15% of the
project capital cost
• Funds advanced via bond financing backed by the
Special Assessment

3. Metromover Special Assessment
• Term of Special Assessment was 15-Years
• Expected Special Assessment annual revenue was
$3.8M to $4.4M per year
• Expected annual rate per square foot of property
being accessed was 18 cents to 20 cents
• City of Miami and the State made up the amount
above the Special Assessment to reach 25% Local
Share to match 75% Federal Share

4. Wave Special Assessment
• Special Assessment in Downtown Fort Lauderdale to
support Wave Project
• Designed to achieve about $21 million for Wave
Project capital costs
• Financed advanced via Florida State Infrastructure
Bank Loan and cash
• Began in 2014 for a term of 25 years
• About 11% of the current Wave Project budget of
$195 million

5. Special Assessment
• Must be developed and implemented by local
government
• Consider for highly urban areas – examples in
SMART Plan Corridors:
 Downtown segments of Beach Corridor
 Select urbanized segments of other Corridors – could be
station area focused
 Must have majority support of those being accessed to be
effective
 Normally for capital cost, but could be more flexible if
needed if needed for Operations and Maintenance

6. Questions

7. www.miamidadetpo.org