MIAMI INTERMODAL CENTER

Transcription

1 h FLORIDA DEPARTMENT OF TRANSPORTATION MIAMI INTERMODAL CENTER TENTH ANNUAL FINANCIAL PLAN UPDATE MAY 31, 2013

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4 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R EXECUTIVE SUMMARY FDOT is pleased to provide the 2013 Financial Plan Update for the MIC program for the reporting period through February 28, The Financial Plan Update is designed primarily for use by the United States Department of Transportation (USDOT) to assist the USDOT in fulfilling its oversight responsibilities required by Federal law. In this tenth annual update, FDOT has included the report required by Section 20(e) of the Transportation Infrastructure Finance and Innovation Act (TIFIA) loan agreement for the MIC Rental Car Facility (RCF) as an appendix to the report. The Section 20(e) financial report is required following completion of the RCF and annually thereafter until the RCF TIFIA loan is fully repaid. REPORT HIGHLIGHTS The last Financial Plan Update was submitted to the FHWA in May Following are key trends and conditions since the last annual update. The overall cost of the MIC Program has increased by $6.6 million, less than 1%, driven primarily by rail operations issues associated with the elements of the Central Station currently under construction (discussed in more detail below). Miami-Dade County s Airport Link project (the Earlington Heights Extension of the County s Metrorail system to the MIC) began revenue operations on schedule in July All remaining elements of the MIC Central Station are currently under construction. The MIA Mover System, connecting the terminal at Miami International Airport (MIA) to the MIC, has been operating since September The RCF has been successfully operating since July 13, The financial position of the RCF continues to outperform forecasts (reference the Section 20(e) REC TIFIA Loan report contained in the appendix). May 31, 2013 Page 2

5 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R FINANCIAL PLAN 2013 UPDATE INTRODUCTION This report is the tenth annual Financial Plan Update for the MIC program. The original Financial Plan was included in the TIFIA Loan Application, dated August 2, This report is required under Section 1305(b) of the Transportation Equity Act for the 21st Century (TEA-21) that modified Section 106 of Title 23 United States Code by adding subsection "(h)" which requires, "A recipient of Federal financial assistance for a project...with an estimated total cost of $1,000,000,000 or more shall submit to the Secretary an annual financial plan for the project." The act requires that the plan be based on detailed annual estimates of the cost to complete the remaining elements of the project. Section 1904(a)(2) of the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU) continues this requirement while lowering the project cost threshold to an estimated total cost of $500,000,000 or more. The MIC Financial Plan is updated annually. Each update is designed to reflect changes in program totals compared to the previous Financial Plan Update and to identify the remaining project costs and/or available funding. BRIEF OVERVIEW OF MIC PROGRAM FINANCING The MIC is a model for infrastructure development and implementation with partners including FDOT, Miami-Dade County (transit and aviation departments), the Miami-Dade Expressway Authority, USDOT (transit, highways, aviation, and coast guard), the South Florida Regional Transportation Authority (SFRTA), and private sector companies including 16 rental car companies. Funding for this program is derived from a variety of federal, state, local and private sources, including: Customer Facility Charges (CFC) derived from a transaction fee assessed by Miami- Dade County on rental car customers (and accounted for by an independent Fiscal Agent). CFC revenues were used to fund $113.5 million in construction costs for the RCF. CFC revenues are also being used to fund the ongoing operating and maintenance expenses of the RCF, as well as repay two TIFIA loans totaling $270 million. The appendix (Section 20(e) RCF TIFIA Loan report) presents a detailed accounting of the CFC revenues as well as an accounting of the overall financial position of the RCF May 31, 2013 Page 3

6 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R project. State transportation dedicated revenues, such as fuel taxes, motor vehicle registration fees and license tag revenues that are deposited in the State Transportation Trust Fund (STTF). STTF revenues are used to fund transportation projects throughout Florida. The Florida Revenue Estimating Conference provides estimates for STTF revenues that are updated at least twice annually. Federal funding primarily administered by the FHWA, and to a lesser extent, the Federal Transit Administration (FTA). FDOT s transportation projects contained in a Five-Year Work Program as prescribed by state law. The work program is balanced to available finances during the year. During state FY , through April 30, 2013, the STTF received $4.7 billion in revenues and dispersed approximately $4.8 billion in transportation expenditures. On April 30, 2013, the cash balance of the STTF was $401.8 million. MIC TIFIA LOAN HISTORY The MIC Program, which received approval for $433 million in TIFIA loans in September of 1999, consists of the following major program elements: land acquisition and environmental remediation, a consolidated RCF, roadway access improvements to the MIA and the MIC complex, a people mover system connecting MIA with the RCF (the MIA Mover System), and initial construction of the Central Station (formerly the MIC Core) a transportation hub that will link regional commuter rail (SFRTA), intercity rail (AMTRAK), intercity bus, Miami-Dade Transit s bus system and its existing and future rail systems. When completed, this $2.0 billion program will provide connectivity between various modes of public and private transportation in Miami-Dade County and greatly improve access to MIA. The previously approved TIFIA loan authorization of $433 million was originally divided into two parts. The initial loan of $269 million (the FDOT elements or State Comprehensive Enhanced Transportation System (SCETS) TIFIA loan) was the subject of a loan agreement dated June 9, 2000, between FDOT and USDOT. It was originally anticipated that the proceeds of this loan would be used to fund land acquisition, roadway improvements, and the MIC Central Station. This loan ($15 million in actual loan draws) was repaid in state FY 2007 on July 3, 2006 and replaced with a no-interest internal STTF loan made to FDOT District Six where the MIC is being constructed. May 31, 2013 Page 4

7 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R The second TIFIA loan of up to $170 million (the RCF TIFIA loan), which was executed and dated April 29, 2005, was used for the design and construction of the RCF. The RCF TIFIA loan was subsequently increased in August, 2007 to up to $270 million through an amended and restated loan agreement between FDOT and the USDOT. To date, FDOT has fully drawn down the $170 million RCF TIFIA loan and is planning on drawing down the $100 million RCF TIFIA Loan in June of MIC PROGRAM STATUS 1. Right-of-Way Acquisition and Environmental Remediation to facilitate the construction of all MIC Program elements; programmed cost = $340 million. Land acquisition and environmental remediation on the Priority 1 and 2 right-of-way sites is complete. On the Priority 3 site, 1 those parcels owned by SFRTA, formerly the Tri- County Commuter Rail Authority, remain to be transferred to FDOT. 2 In addition, accommodating AMTRAK s request to extend the eastern most rail platform at the Central Station and potentially relocating the existing rail/highway crossing at NW 25 th Street may result in some minor land acquisition (discussed in more detail below). Environmental remediation to support the construction of the Central Station has been completed. 2. Consolidated Rental Car Facility identified as a priority in order to help decongest MIA roadway traffic by removing all rental car courtesy vehicles from the terminal roadways; programmed cost = $395 million. The RCF has been successfully operating since July 13, The financial position of the RCF continues to outperform forecasts (reference the Section 20(e) RCF TIFIA Loan report contained in the appendix). 1 Priority 1 is substantially the RCF site and related parcels; Priority 2 is the right-of-way required for the LeJeune Road corridor roadway improvements, and Priority 3 is substantially the Central Station site and related parcels. 2 FDOT and SFRTA have entered into a Consent to Use Agreement, which has provided sufficient access rights to support environmental remediation and construction activities to date. May 31, 2013 Page 5

8 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R RCF Cash Flow ($000) February 2013 Total Programmed Cost Expended Thru FY2012 To be Expended in FY2013 $395,062 $393,146 $1,916 Source: FDOT 3. MIA Mover System, an automated people mover that connects the MIA terminal with the RCF and the MIC complex; programmed cost = $270 million. The MIA Mover System began operations on schedule in September According to the Miami-Dade Aviation Department (MDAD), the Design-Build portion of the Design-Build- Operate-Maintain (DBOM) contract is in the process of final close out. MDAD anticipates that final project costs will be under budget. 3 The savings will be used to purchase additional rail cars, allowing MDAD to increase service frequency and better serve its customers. MIA Mover System Cash Flow ($000) February 2013 Total Programmed Cost Expended Thru FY2012 To be Expended in FY 2013 Est. Savings $269,762 $257,317 $472 $11,973 Source: MDAD 4. MIC Central Station (formerly MIC Core) will connect various forms of transportation to the RCF and the MIA terminal via the MIA Mover System; programmed cost = $723 million. 3 According to MDAD, they are expecting to receive credits from the contractor as part of closing out the DB portion of the contract. Until that process is complete, actual savings cannot be determined. May 31, 2013 Page 6

9 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R Services provided at the Central Station will include access for private automobiles, buses, taxis and other commercial vehicles, in addition to the existing SFRTA commuter rail system, AMTRAK intercity rail service, intercity bus service, the County s Metrorail and Metrobus services, and access to the MIA Mover. The major components of the Central Station, together with their programmed costs, are shown below. Central Station Component February 2012 Cost ($000) February 2013 Cost ($000) Metrorail and Metrobus services, including $518,304 $517,419 internal roadway circulation 4 MIA Mover Station $51,864 $51,028 Central Station/Intermodal Hub $151,810 $154,859 Total Central Station $721,978 $723,306 Compared to the May 2012 Financial Plan update, the programmed cost for the Central Station (all elements) has remained relatively constant. The County s new Airport Link service began revenue operations on schedule in July This is a Miami-Dade County-led project, funded through Miami-Dade County s Peoples Transportation Plan (half-penny sales tax revenue) and FDOT grants. Actual cost to complete will be available once the construction contract has been closed out. 4 Referred to as Earlington Heights Extension and Airport Link May 31, 2013 Page 7

10 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R Earlington Heights Extension (Airport Link) Cash Flow ($000) February 2013 Total Programmed Cost Expended Thru FY2012 To be Expended in FY2013 To be Expended in FY2014 $517,419 $481,859 $31,948 $3,613 Source: Miami-Dade Transit The MIA Mover Station at the MIC is a FDOT-led project. It was completed and received a Certificate of Occupancy in January MIA Mover Station Cash Flow ($000) February 2013 Total Programmed Cost Expended Thru FY2012 To be Expended in FY2013 $51,028 $50,781 $247 Source: FDOT As noted in the Report Highlights section, several rail operations issues have surfaced since the 2012 annual report update that will impact completion of the Central Station. These include: CSXT, Inc. abandoned its freight easement on the section of the South Florida Rail Corridor (SFRC) providing access to the MIC (that section extending south from its mainline located north of the MIC). As a result, their previous interest in dispatching trains and undertaking the signal design and construction work required for the Central Station has now become FDOT s responsibility. The other significant issue was AMTRAK s request to lengthen the eastern most rail May 31, 2013 Page 8

11 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R platform at the Central Station to ensure AMTRAK s longest intercity trains can be accommodated. This request came rather late in the process after construction had already begun on the Central Station. Although FDOT is studying alternatives, lengthening the platform will obstruct the existing rail/highway crossing at NW 25 th Street, likely resulting in the crossing having to be relocated to the north. NW 25 th Street is currently closed while the Central Station is being constructed. Regarding the dispatching of trains, as a result of a broader negotiation among SFRTA, FDOT, and CSXT, Inc., SFRTA will be dispatching trains in the future for the entire SFRC. Thus, any dispatching system for the section of track accessing the MIC will have to be compatible with the dispatching system for the entire SFRC. The impact of the above issues will add both time and cost to the completion of the Central Station, some of which is already noted ($3+ million has been added to the Central Station/Intermodal Hub cost summary above). The increased cost is being funded by FDOT. The scheduled substantial completion date has moved out approximately two months, from October (reported in last year s report) to December of However, rail operations at the Central Station may not begin until the first quarter of 2014, primarily due to the need to coordinate dispatching system issues. Central Station/Intermodal Hub Cash Flow ($000) February 2013 Total Programmed Cost Expended Thru FY2012 To be Expended in FY2013 To be Expended in FY2014 $154,859 $57,127 $63,461 $34,270 Source: FDOT 5. Roadway Improvements to facilitate access to the MIC and MIA from the south and to local streets surrounding the RCF and Central Station to support the operations of the facility; programmed cost = $190 million. May 31, 2013 Page 9

12 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R All major roadway projects, including landscaping, have been completed and are open to traffic. To the extent the existing rail/highway crossing at NW 25 th Street is relocated to the north, this work will be done as part of FDOT s efforts to address the rail operations issues discussed above. An additional $3.7 million (funded by FDOT) has been added to the programmed cost for Roadway Improvements. 6. Contingencies, Financing Costs and Program Management; programmed cost = $110 million. The MIC program contingency totals $8.0 million, which is available to FDOT for completion of the Central Station in addition to the funding already added to FDOT s work program to address the rail operations issues. Financing costs for the RCF loan have been adjusted to reflect FDOT s current estimate of capitalized interest, based on actual and scheduled loan draws. The total financing cost estimate also includes capitalized interest on the SIB loans for the Central Station. CONSTRUCTION SCHEDULE AND NEXT STEPS Pursuant to Section 15(j) of the TIFIA loan agreement dated April 1, 2005, an amendment to the construction schedule and a description of other events affecting implementation of the RCF, MIA Mover System and Central Station are provided below. Additionally, the amended and restated RCF TIFIA loan agreement dated August 2007 reset the substantial completion date for the RCF to January 2010, but substantial completion was ultimately achieved on July 13, As shown in the following comparative schedule, the original program schedule was developed in July of 1999 as part of the TIFIA loan application package. The original program schedule has encountered significant delays, the primary reasons for which are summarized below. Cause of Delay: Re-sequencing of the program s major elements to avoid double moves by rental car companies occupying parts of the MIC Central Station site. Impact: In the spirit of cooperation, FDOT made the decision to allow Hertz and Avis to operate from their former locations (through lease back arrangements) until the RCF was complete and available for occupancy. This resulted in a delay to the completion date for the Central Station and the overall program schedule since completion of the Central Station became last in May 31, 2013 Page 10

13 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R sequence for construction. Cause of Delay: The terrorist attacks of September 11, 2001, had a significant impact on the MIA passenger market, including both airline passengers and rental car customers. Impact: MIA was slow to recover, ultimately resulting in downward adjustments to both passenger forecasts and rental car customer activity. At the request of the rental car companies, the RCF was temporarily placed on hold until such time as recovery trends became clear and RCF-related revenue forecasts (i.e., CFC revenues) could be made with a reasonable degree of reliability. Cause of Delay: Negotiations with Turner Construction Company through the MIC CM@Risk contract in 2005 were not successful for pricing the completion of the RCF and related projects (MIA Mover station and related roadway improvements). Although FDOT opted to re-bid these projects using conventional procurement methods, even the lowest bid was not achievable financially. Impact: The decision to re-bid these projects using conventional methods resulted in further delay to completion of the RCF. FDOT subsequently resumed price negotiations under its existing MIC CM@Risk contract and successfully negotiated a price in March Cause of Delay: FDOT had not fully funded the Central Station in its work program until mid Well over half of the funding, however, was programmed in state FYs 2014 and Without a mechanism to leverage these out year funds, the project required phased construction, adding both cost and time to the project. Impact: Phased construction was not the preferred approach. Since the amended 2008 Financial Plan Update, submitted in November 2009, the project has been awarded two State Infrastructure Bank (SIB) loans totaling $45 million. As described earlier, the remaining elements of the Central Station are now under construction. Securing the two SIB loans allowed the project to be completed in a single phase and accelerated completion by nearly three years. May 31, 2013 Page 11

14 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R MIC PROGRAM COMPARATIVE SCHEDULE (Calendar Years) Activity Description Start Finish Rental Car Facility (CM@Risk) FM# Construction Rental Car Center 15-Jun Jul-10 MIC Terminal Access Rdways (CM@Risk) FM# Construction: MTAR 14-Aug Feb-10 Le Jeune Rd. Southbound CD FM# Construction SBCD 02-Feb Dec-07 Le Jeune Rd. Northbound CD FM# Construction NBCD 02-Feb Mar-08 MIC/MIA Interchange FM# Construction MIC/MIA Interchange 02-Feb Mar-08 MIC Central Station FM# Construction Central Station 15-Jul Dec-13 MIA Mover System (MDAD) Construction: MIA Mover 30-Sep Sep-11 MIA Mover Station FM# Construction: MIA Mover MIC Station 06-Feb Jan-11 Earlington Heights Connector (MDT) MDT - E.H. Connecter 30-Apr Jul Proposed Schedule Progress Pre 9/11/2001 Schedule TIFIA Application Schedule May 31, 2013 Page 12

15 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R MIC USES OF FUNDS BY PROGRAM ELEMENT ($1,000s) PROGRAM ELEMENTS Revised Feb-08 Work Program (Note 6) Net Change from TIFIA Application Jul-99 TIFIA Sept-01 Work July-03 Work July-05 Work Apr-10 Work Apr-11 Work Mar-12 Work Mar-13 Work Application Program Program Program Program Program Program Program Right of Way & Environmental $379,072 $390,277 $392,474 $351,689 $338,424 $338,330 $339,282 $339,524 $339,573 ($39,790) Initial MIC Core $80,696 $53,459 $47,935 $60,490 $467,067 $760,254 $739,214 $721,978 $723,306 $658,518 Road Improvements $143,424 $116,208 $121,208 $152,321 $183,550 $187,834 $186,950 $186,651 $190,357 $43,526 MIC/MIA Connector $399,680 $399,680 $312,002 $316,300 $303,389 $270,116 $270,071 $269,762 $269,762 ($129,609) Rental Car Facility $161,554 $229,778 $225,456 $220,629 $343,192 $386,910 $395,084 $395,049 $395,062 $233,530 Capitalized Interest $61,390 $63,914 $63,914 $63,914 $53,964 $53,964 $33,017 $29,864 $29,864 ($28,373) RCF Reserves & Costs $5,715 $2,122 $2,122 $2,122 $0 $0 $0 $0 $0 ($5,715) Other $118,203 $167,511 $155,196 $127,522 $84,898 $85,929 $79,598 $79,977 $81,486 ($38,605) Total Cost $1,349,734 $1,422,949 $1,320,307 $1,294,987 $1,774,484 $2,083,337 $2,043,216 $2,022,805 $2,029,410 $693,482 May 31, 2013 Page 13

16 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R MIC USES OF FUNDS BY ACTIVITY ($1,000s) USES OF FUNDS Revised Feb-08 Work Program (Note 6) Net Change from TIFIA Application Jul-99 TIFIA Sept-01 Work July-03 Work July-05 Work Apr-10 Work Apr-11 Work Mar-12 Work Mar-13 Work Application Program Program Program Program Program Program Program PE, Feasibility Studies & NEPA $22,737 $23,727 $21,983 $21,983 $21,983 $21,983 $21,983 $21,983 $21,983 ($754) Right of Way $306,035 $356,279 $361,475 $319,344 $306,079 $305,985 $306,937 $307,179 $307,228 $902 Environmental Remediation -1 $73,037 $33,998 $30,999 $32,345 $32,345 $32,345 $32,345 $32,345 $32,345 ($40,692) Design -2 $123,426 $93,287 $86,466 $84,043 $91,671 $91,671 $94,605 $97,225 $97,901 ($28,821) Project Administration $33,152 $43,229 $41,750 $39,570 $46,117 $47,998 $48,820 $51,353 $51,542 $15,668 CEI -2 $48,448 $17,717 $20,681 $29,716 $40,343 $40,343 $58,837 $60,049 $61,259 $10,389 Construction -2 $613,480 $688,121 $599,454 $635,981 $1,165,184 $1,473,100 $1,437,877 $1,416,166 $1,419,327 $824,397 Program Contingency $62,314 $100,555 $91,463 $65,969 $16,798 $15,948 $8,795 $6,641 $7,961 ($53,519) Subtotal, Before Financing $1,282,629 $1,356,913 $1,254,271 $1,228,951 $1,720,520 $2,029,373 $2,010,199 $1,992,941 $1,999,546 $727,570 TIFIA Capitalized Interest - FDOT -3 $32,327 $32,960 $32,960 $32,960 $2,107 $2,107 $2,107 $2,107 $2,107 ($30,220) RCF Reserves & Costs -3 $5,715 $2,122 $2,122 $2,122 $0 $0 $0 $0 $0 ($5,715) TIFIA Capitalized Interest - RCF -3 $29,063 $30,954 $30,954 $30,954 $51,857 $51,857 $28,352 $25,199 $25,199 ($711) SIB Capitalized Interest $0 $0 $0 $0 $0 $0 $2,558 $2,558 $2,558 $2,558 TOTAL $1,349,734 $1,422,949 $1,320,307 $1,294,987 $1,774,484 $2,083,337 $2,043,216 $2,022,805 $2,029,410 $693,482 May 31, 2013 Page 14

17 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R MIC SOURCES OF FUNDS BY PROGRAM ELEMENT ($1,000s) SOURCES OF FUNDS Jul-99 TIFIA Application Sept-01 Work Program July-03 Work Program (Note 4) July-05 Work Program Revised Feb-08 Work Program (Note 6) Apr-10 Work Program Apr-11 Work Program (Note 7) Mar-12 Work Program Mar-13 Work Program Net Change from TIFIA Application Federal Funds TIP/LRTP & Prior $106,718 $62,394 $31,422 $35,165 $23,718 $23,058 $59,775 $59,775 $59,775 ($46,943) Non-Federal Funds TIP/LRTP & Prior + Other State $157,033 $231,855 $375,212 $393,856 $755,382 $1,072,043 $980,703 $962,757 $967,915 $823,670 Airport Capital Improvement Plan $399,680 $399,680 $232,000 $232, ,127 $159,343 $154,639 $155,196 $155,196 ($245,041) Dedicated Revenues - RCF-5 $25,000 $63,224 $16,694 ($2,532) $66,232 $110,697 $113,496 $113,496 $113,496 $88,496 MDX Tolls $86,568 $86,568 $86,467 $87,321 $87,117 $86,169 $86,157 $86,468 $86,468 ($411) MDTA - 50% $15,000 $0 $0 $0 $0 $0 $0 $0 $0 ($15,000) Ancillary Revenues $37,000 $30,000 $25,000 $25,000 $9,792 $4,704 17,861 17,783 19,555 ($19,139) Subtotal, Non-Federal Grants $720,281 $811,327 $735,373 $735,646 $1,144,650 $1,432,956 $1,352,856 $1,335,700 $1,342,630 $632,575 Financing $0 TIFIA Loan + Capitalized Interest -3 $497,735 $524,228 $528,512 $499,176 $334,976 $338,416 $315,458 $312,305 $312,305 ($182,277) STTF Loan $246,141 $246,051 $245,242 $245,140 $244,815 $245,242 SIB Loan + Capitalized Interest $25,000 $25,000 $25,000 $25,000 $24,999 $42,856 $69,885 $69,885 $69,885 $44,885 Subtotal, Financing $522,735 $549,228 $553,512 $524,176 $606,116 $627,323 $630,585 $627,330 $627,005 $107,850 TOTAL $1,349,734 $1,422,949 $1,320,307 $1,294,987 $1,774,484 $2,083,337 $2,043,216 $2,022,805 $2,029,410 $693,482 May 31, 2013 Page 15

18 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R Notes: MIC program obligations now extend through FY 2017/ FDOT s estimated total cost to complete dated Environmental allocations in various projects. 2. Portions of this work are performed under intergovernmental agreements. As a result, allocations between these categories are estimates. 3. The MIC SCETS TIFIA loan was repaid in July $15 million of principal drawn and $2.1 million of accrued interest. The loan balance has been transferred to the FDOT s STTF and is being repaid directly to FDOT at 0% interest. A second TIFIA loan for the RCF closed in April 2005 for an authorized amount of up to $170 million and was subsequently amended in 2007 for an additional $100 million. Thus, the $ million shown in the table above for March 2013 consists of the following components: $270 million in projected RCF loan draws, $15.0 million in actual SCETS loan draws, and $27.3 million in actual accrued SCETS loan interest plus estimated accrued RCF loan interest. The placeholder amount for the RCF loan costs and reserves was eliminated and reset to $0 in 2006/ The TIFIA Application included funds allocated for the MIC and the Interconnector Roadway from the LRTP. In subsequent USDOT reports these future LRTP amounts were included as a "placeholder" value for continuity. The FY2003 report modified the methodology in order to link directly back to the actual MIC Work Program and avoid inclusion of a "surplus" value based upon the LRTP placeholder assumption. 5. CFC Collections for the RCF are shown net of debt service payments, resulting in a negative outcome in early years. 6. Revised Feb-08 Work Program adjusted for program changes to fully fund the Central Station and was used in the November 2009 Financial Plan Update. 7. Based on further review of information some amounts were re-allocated between Federal and Non-Federal fund sources. May 31, 2013 Page 16

19 F L O R I D A D E P A R T M E N T O F T R A N S P O R T A T I O N M I A M I I N T E R M O D A L C E N T E R For Further Information, Please Contact: Julie Adamson, CPA Public-Private Partnership Coordinator Florida Department of Transportation 605 Suwannee Street, M.S. 10 Tallahassee, FL PHONE: FAX: Julie.adamson@dot.state.fl.us

20 MIAMI INTERMODAL CENTER APPENDIX 1. Introduction Among the annual reporting requirements set forth in Section 20(e) of the RCF TIFIA Loan Agreement is a verified RCF Financial Projection 1. The following information is based on the verified RCF Financial Projection as of the March 29, 2013 Calculation Date. The Calculation Date is defined as the first business day prior to each Interest Payment Date, the most recent of which was April 1, RCF Financial Projection As defined in the Calculations and Forecasting Agreement, the RCF Financial Projection is the current year-by-year forecast of all RCF-related expenses and revenues and contains the information required by Section 2.2 of the Calculations and Forecasting Agreement, which includes: a) details of the Forecast Assumptions and the inputs in respect of such Forecast Assumptions on which the RCF Financial Projection is based; b) projections of Pledged Revenues, Operating Expense and amounts required to meet the Debt Service Reserve, Operating Expense Reserve, RCF Secondary Reserve, Administrative Expenses Fund, Debt Service Fund and Operating Fund requirements for each year throughout the Maturity Period pursuant to the Loan Agreement and the Security Agreement; c) a statement of any balances debited or credited to the Funds and Accounts as of such Calculation Date; d) a statement of the current Project Life Coverage Ratio (PLCR), the historical PLCR and the projected PLCR for each remaining year through the Maturity Period; and e) a certificate executed by the chief financial officer of the Borrower, to the effect that as of each Calculation Date the RCF Financial Projection and the items required in paragraphs (a) through (d), inclusive, of Section 2.2 are true and correct. 1 Capitalized terms used herein have the meaning ascribed to such terms in the Loan Agreement, the Security Agreement, and the Calculations and Forecasting Agreement. Page 1

21 MIAMI INTERMODAL CENTER APPENDIX RCF Financial Projection (FYE 9/30) REVENUE FUND Forecast year - - FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 Revenue Fund BEG 52,705,626 2,339,162 3,569,345 3,828,591 3,363,262 3,459,730 3,765,028 3,865,898 3,949,375 Plus: Revenue Fund interest earnings 3,690,339-17, ,033 69,270 86,989 88,941 90,690 Less: Revenue Fund transfers to Administrative Expenses Fund 10,216,614-98, ,487 34, , , , , , ,347 Less: Revenue Fund transfers to Interest Account 105,381, ,411,490 9,747,927 12,318,989 11,699,237 11,110,123 10,480,119 9,808,318 Less: Revenue Fund transfers to Debt Service Reserve Account Less: Revenue Fund transfers to RCF Operating Expense Fund 436,350,645-15,700,535 2,367,577 7,488,491 6,990,044 7,654,622 7,824,464 7,999,401 8,179,587 8,365,178 Less: Capital cost reimbursements to FDOT 55,250,870-55,250, Less: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-4,993,112 33,093,889 30,335,467 25,985,704 21,195,425 22,978,998 26,965,795 28,447,849 29,858,108 Plus: CFC revenue 2,134,945,051-25,658,350 37,024,514 42,529,086 42,444,617 41,420,297 42,934,303 46,289,911 47,309,025 48,230,436 Plus: Contingent Rent Plus: Miscellaneous RCF revenues 2, ,500 - (2) Revenue Fund 2,339,162 3,569,345 3,828,591 3,363,262 3,459,730 3,765,028 3,865,898 3,949,375 4,025,551 RCF SECONDARY RESERVE FUND Forecast year - - FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 RCF Secondary Reserve Fund - BEG - 4,993,127 38,089,265 48,945,067 44,797,573 39,333,174 39,001,391 42,431,782 45,294,619 Plus: RCF Secondary Reserve Fund interest earnings 323,972, ,249 17,701 8, , , , , ,859 Plus: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-4,993,112 33,093,889 30,335,467 25,985,704 21,195,425 22,978,998 26,965,795 28,447,849 29,858,108 Plus: Debt Service Reserve Account transfers to RCF Secondary Reserve Fund 14,631, ,186 19, , , , ,137 Plus: Consolidated Busing Operating Expense Account transfers to RCF Secondary Reserve Fund 144, , Plus: Operating Expense Reserve Account transfers to RCF Secondary Reserve Fund 13,943, ,444 1,195 - Less: RCF Secondary Reserve Fund transfers to Debt Service Reserve Account 12,733, ,733, Less: RCF Secondary Reserve Fund transfers to Operating Expense Reserve Account 12,266, ,763, , , ,053 21, RCF Secondary Reserve Fund before principal payments 4,993,127 38,089,265 48,945,067 75,177,711 65,664,401 63,534,127 67,564,413 72,622,335 76,974,723 RCF Secondary Reserve Fund before principal payments - - 4,993,127 38,089,265 48,945,067 75,177,711 65,664,401 63,534,127 67,564,413 72,622,335 76,974,723 Less: RCF Secondary Reserve Fund transfers to Principal Account 295,198, ,448,139 13,730,996 12,482,035 12,566,316 13,663,858 14,568,650 Less: RCF Secondary Reserve Fund transfers to Land Acquisition Fund 95,000, ,932,000 12,600,231 12,050,701 12,566,316 13,663,858 14,568,650 Plus: Interest Account transfers to RCF Secondary Reserve Fund 4, RCF Secondary Reserve Fund 4,993,127 38,089,265 48,945,067 44,797,573 39,333,174 39,001,391 42,431,782 45,294,619 47,837,423 Page 2

22 MIAMI INTERMODAL CENTER APPENDIX RCF Financial Projection (FYE 9/30) REVENUE FUND Forecast year - - FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 Revenue Fund BEG 4,025,551 4,083,390 4,356,349 4,419,231 4,483,889 4,549,178 4,614,194 4,908,570 4,976,510 Plus: Revenue Fund interest earnings 3,690,339-92,067 93,404 99, , , , , , ,782 Less: Revenue Fund transfers to Administrative Expenses Fund 10,216, , , , , , , , , ,435 Less: Revenue Fund transfers to Interest Account 105,381,704-9,099,413 8,416,273 7,448,164 6,160,962 4,680, Less: Revenue Fund transfers to Debt Service Reserve Account Less: Revenue Fund transfers to RCF Operating Expense Fund 436,350,645-8,556,336 13,227,230 8,956,030 9,164,915 9,380,065 9,601,671 11,081,174 10,065,026 10,411,824 Less: Capital cost reimbursements to FDOT 55,250, Less: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-31,101,372 27,817,951 36,366,697 38,211,598 40,252,958 45,486,597 44,780,750 49,357,359 49,836,801 Plus: CFC revenue 2,134,945,051-48,942,844 49,867,761 52,967,895 53,742,014 54,524,843 55,305,311 56,314,744 59,650,180 60,484,993 Plus: Contingent Rent Plus: Miscellaneous RCF revenues 2, Revenue Fund 4,083,390 4,356,349 4,419,231 4,483,889 4,549,178 4,614,194 4,908,570 4,976,510 5,046,226 RCF SECONDARY RESERVE FUND Forecast year - - FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 FY 2026 FY 2027 RCF Secondary Reserve Fund - BEG 47,837,423 50,844,421 65,872,104 88,443, ,058, ,730,178 68,638, ,431, ,918,895 Plus: RCF Secondary Reserve Fund interest earnings 323,972, ,026 1,039,826 1,450,397 1,846,215 2,093,746 1,143,210 2,011,897 3,130,009 4,332,893 Plus: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-31,101,372 27,817,951 36,366,697 38,211,598 40,252,958 45,486,597 44,780,750 49,357,359 49,836,801 Plus: Debt Service Reserve Account transfers to RCF Secondary Reserve Fund 14,631, , ,887 1,167,818 1,466,690 1,631,607 4,820, Plus: Consolidated Busing Operating Expense Account transfers to RCF Secondary Reserve Fund 144, Plus: Operating Expense Reserve Account transfers to RCF Secondary Reserve Fund 13,943, ,564,646 4,578,089-4,797, Less: RCF Secondary Reserve Fund transfers to Debt Service Reserve Account 12,733, Less: RCF Secondary Reserve Fund transfers to Operating Expense Reserve Account 12,266, ,475, , RCF Secondary Reserve Fund before principal payments 80,836,767 80,688, ,435, ,968, ,830, ,180, ,431, ,918, ,088,589 RCF Secondary Reserve Fund before principal payments ,836,767 80,688, ,435, ,968, ,830, ,180, ,431, ,918, ,088,589 Less: RCF Secondary Reserve Fund transfers to Principal Account 295,198,658-15,374,101 14,816,122 20,991,557 27,909,985 32,100, ,546, Less: RCF Secondary Reserve Fund transfers to Land Acquisition Fund 95,000,000-14,618, Plus: Interest Account transfers to RCF Secondary Reserve Fund 4, , RCF Secondary Reserve Fund 50,844,421 65,872,104 88,443, ,058, ,730,178 68,638, ,431, ,918, ,088,589 Page 3

23 MIAMI INTERMODAL CENTER APPENDIX RCF Financial Projection (FYE 9/30) REVENUE FUND Forecast year - - FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 Revenue Fund BEG 5,046,226 5,117,540 5,191,126 5,513,672 5,594,623 5,678,333 5,763,877 5,851,120 6,204,448 Plus: Revenue Fund interest earnings 3,690, , , , , , , , , ,963 Less: Revenue Fund transfers to Administrative Expenses Fund 10,216, , , , , , , , , ,970 Less: Revenue Fund transfers to Interest Account 105,381, Less: Revenue Fund transfers to Debt Service Reserve Account Less: Revenue Fund transfers to RCF Operating Expense Fund 436,350,645-10,771,380 11,144,202 31,012,807 11,931,774 12,347,650 12,779,043 13,226,578 13,872,408 14,172,714 Less: Capital cost reimbursements to FDOT 55,250, Less: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-50,322,812 50,821,256 31,856,396 54,851,447 55,426,765 56,010,168 56,597,825 56,999,677 60,979,673 Plus: CFC revenue 2,134,945,051-61,339,171 62,219,928 63,380,058 67,054,521 68,056,291 69,080,982 70,126,198 71,448,572 75,470,896 Plus: Contingent Rent Plus: Miscellaneous RCF revenues 2, Revenue Fund 5,117,540 5,191,126 5,513,672 5,594,623 5,678,333 5,763,877 5,851,120 6,204,448 6,296,950 RCF SECONDARY RESERVE FUND Forecast year - - FY 2028 FY 2029 FY 2030 FY 2031 FY 2032 FY 2033 FY 2034 FY 2035 FY 2036 RCF Secondary Reserve Fund - BEG 222,088, ,985, ,662, ,455, ,427, ,441, ,552, ,810, ,078,061 Plus: RCF Secondary Reserve Fund interest earnings 323,972,171-5,574,242 6,855,127 7,936,784 9,121,273 10,587,281 12,099,977 13,660,554 15,267,889 16,958,993 Plus: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-50,322,812 50,821,256 31,856,396 54,851,447 55,426,765 56,010,168 56,597,825 56,999,677 60,979,673 Plus: Debt Service Reserve Account transfers to RCF Secondary Reserve Fund 14,631, Plus: Consolidated Busing Operating Expense Account transfers to RCF Secondary Reserve Fund 144, Plus: Operating Expense Reserve Account transfers to RCF Secondary Reserve Fund 13,943, Less: RCF Secondary Reserve Fund transfers to Debt Service Reserve Account 12,733, Less: RCF Secondary Reserve Fund transfers to Operating Expense Reserve Account 12,266, RCF Secondary Reserve Fund before principal payments 277,985, ,662, ,455, ,427, ,441, ,552, ,810, ,078, ,016,727 RCF Secondary Reserve Fund before principal payments ,985, ,662, ,455, ,427, ,441, ,552, ,810, ,078, ,016,727 Less: RCF Secondary Reserve Fund transfers to Principal Account 295,198, Less: RCF Secondary Reserve Fund transfers to Land Acquisition Fund 95,000, Plus: Interest Account transfers to RCF Secondary Reserve Fund 4, RCF Secondary Reserve Fund 277,985, ,662, ,455, ,427, ,441, ,552, ,810, ,078, ,016,727 Page 4

24 MIAMI INTERMODAL CENTER APPENDIX RCF Financial Projection (FYE 9/30) REVENUE FUND Forecast year - - FY 2037 FY 2038 FY 2039 FY 2040 FY 2041 FY 2042 FY 2043 FY 2044 Revenue Fund BEG 6,296,950 6,392,223 6,489,237 6,588,933 6,976,225 7,081,720 7,188,953 7,298,291 Plus: Revenue Fund interest earnings 3,690, , , , , , , , ,032 Less: Revenue Fund transfers to Administrative Expenses Fund 10,216, , , , , , , , ,942 Less: Revenue Fund transfers to Interest Account 105,381, Less: Revenue Fund transfers to Debt Service Reserve Account Less: Revenue Fund transfers to RCF Operating Expense Fund 436,350,645-14,672,705 15,191,623 15,730,243 25,294,060 16,869,854 17,472,570 18,098,441 18,748,426 Less: Capital cost reimbursements to FDOT 55,250, Less: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-61,608,313 62,240,691 62,883,372 54,522,765 67,631,787 68,301,778 68,972,790 69,640,417 Plus: CFC revenue 2,134,945,051-76,611,398 77,773,830 78,967,496 80,468,303 84,875,145 86,160,206 87,470,154 88,800,779 Plus: Contingent Rent Plus: Miscellaneous RCF revenues 2, Revenue Fund 6,392,223 6,489,237 6,588,933 6,976,225 7,081,720 7,188,953 7,298,291 7,409,317 RCF SECONDARY RESERVE FUND Forecast year - - FY 2037 FY 2038 FY 2039 FY 2040 FY 2041 FY 2042 FY 2043 FY 2044 RCF Secondary Reserve Fund - BEG 794,016, ,369, ,194,838 1,042,559,991 1,121,408,581 1,215,319,285 1,312,050,291 1,411,666,982 Plus: RCF Secondary Reserve Fund interest earnings 323,972,171-18,744,317 20,584,789 22,481,781 24,325,825 26,278,917 28,429,228 30,643,901 32,924,398 Plus: Revenue Fund transfers to RCF Secondary Reserve Fund 1,576,734,364-61,608,313 62,240,691 62,883,372 54,522,765 67,631,787 68,301,778 68,972,790 69,640,417 Plus: Debt Service Reserve Account transfers to RCF Secondary Reserve Fund 14,631, Plus: Consolidated Busing Operating Expense Account transfers to RCF Secondary Reserve Fund 144, Plus: Operating Expense Reserve Account transfers to RCF Secondary Reserve Fund 13,943, Less: RCF Secondary Reserve Fund transfers to Debt Service Reserve Account 12,733, Less: RCF Secondary Reserve Fund transfers to Operating Expense Reserve Account 12,266, RCF Secondary Reserve Fund before principal payments 874,369, ,194,838 1,042,559,991 1,121,408,581 1,215,319,285 1,312,050,291 1,411,666,982 1,514,231,797 RCF Secondary Reserve Fund before principal payments ,369, ,194,838 1,042,559,991 1,121,408,581 1,215,319,285 1,312,050,291 1,411,666,982 1,514,231,797 Less: RCF Secondary Reserve Fund transfers to Principal Account 295,198, Less: RCF Secondary Reserve Fund transfers to Land Acquisition Fund 95,000, Plus: Interest Account transfers to RCF Secondary Reserve Fund 4, RCF Secondary Reserve Fund 874,369, ,194,838 1,042,559,991 1,121,408,581 1,215,319,285 1,312,050,291 1,411,666,982 1,514,231,797 Page 5

25 MIAMI INTERMODAL CENTER APPENDIX Fund and Account Balances Table 1 below states the balances in all the Funds and Accounts held and maintained by the Fiscal Agent, Wells Fargo, pursuant to Section 2.05 of the Security Agreement as of the March 29, 2013 Calculation Date). TABLE 1 FUNDS & ACCOUNTS BALANCES 29-Mar-13 Revenue Fund $3,744,244 Administrative Expenses Fund $300,000 Operating Expense Fund - RCF Operating Expense Account $4,083,603 - Consolidated Busing Operating Expense Account - - MIA Mover Operating Expense Account $2,016,450 - Operating Expense Reserve Account $7,041,846 Debt Service Fund - Interest Account $4,052,314 - Principal Account - - Debt Service Reserve Account $12,366,542 Land Acquisition Fund - RCF Secondary Reserve Fund $47,677,319 Total $81,282,319 The following should be noted: The balance in the Principal Account on the Calculation Date will always equal zero since the Fiscal Agent transfers the Principal Repayment Amount to the Principal Account each October 1 and then wires the principal payment to USDOT. The balance in the Land Acquisition Fund on the Calculation Date will always equal zero since the Fiscal Agent transfers the Annual Land Acquisition Payment to the Land Acquisition Fund each April 1 and then wires the Annual Land Acquisition Payment to FDOT. Page 6

26 MIAMI INTERMODAL CENTER APPENDIX Project Life Coverage Ratio (PLCR) In accordance with Section 2.01 of the Calculations and Forecasting Agreement, the PLCR shall be calculated as of each Calculation Date. The PLCR on the first Calculation Date (September 28, 2012) was 3.60, and the PLCR on the March 29, 2013 Calculation Date was Chart 1 below tracks the PLCR from the first Calculation Date through the forecasted retirement of the RCF Loan on October 1, 2023 and compares it to the required minimum PLCR of The dip in the PLCR in federal FY 2013 (September 30, 2013 Calculation Date) reflects the forecasted final RCF Loan draw of $100 million in June 2013 and, therefore, an increase in the outstanding RCF Loan Balance. CHART 1 Project Life Coverage Ratio (PLCR) TIFIA loan payoff minimum Page 7

27 MIAMI INTERMODAL CENTER APPENDIX 3. Annual Transaction Days Forecast Unison Consulting, Inc., prepared the current year-by-year forecast, dated August 29, 2012, of Transaction Days through the Final Maturity Date of October 1, The current forecast reflects a compounded annual growth rate of 1.8% over the forecast period. Chart 2 and Table 2 below compare the current forecast with both prior forecasts and actual transaction days through federal FY TABLE 2 Federal FY 2005 RCF Loan % Change 2007 RCF Loan % Change 2008 Update TRANSACTION DAY FORECASTS (THOUSANDS) % Change 2009 Update % Change 2010 Update % Change 2011 Update % Change 2012 Update % Change ,215 6,389 6,389 6,389 6,389 6,389 6,389 6,389 Actual % Change , % 6, % 6, % 6, % 6, % 6, % 6, % 6, % , % 5, % 5, % 5, % 5, % 5, % 5, % 5, % , % 6, % 6, % 6, % 6, % 6, % 6, % 6, % , % 6, % 6, % 6, % 6, % 6, % 6, % 6, % , % 6, % 6, % 5, % 6, % 6, % 6, % 6, % , % 6, % 6, % 5, % 6, % 7, % 8, % 8, % , % 6, % 6, % 6, % 7, % 8, % 9, % 9, % , % 6, % 6, % 6, % 7, % 8, % 8, % , % 6, % 6, % 6, % 7, % 8, % 9, % , % 6, % 6, % 6, % 7, % 8, % 9, % , % 6, % 6, % 6, % 7, % 8, % 9, % , % 6, % 6, % 6, % 7, % 9, % 9, % , % 6, % 6, % 7, % 8, % 9, % 9, % , % 6, % 6, % 7, % 8, % 9, % 10, % , % 6, % 7, % 7, % 8, % 9, % 10, % , % 6, % 7, % 7, % 8, % 9, % 10, % , % 6, % 7, % 7, % 8, % 9, % 10, % , % 7, % 7, % 7, % 8, % 10, % 10, % , % 7, % 7, % 7, % 8, % 10, % 10, % , % 7, % 7, % 7, % 8, % 10, % 11, % , % 7, % 7, % 7, % 8, % 10, % 11, % , % 7, % 7, % 7, % 8, % 10, % 11, % , % 7, % 7, % 7, % 9, % 10, % 11, % , % 7, % 8, % 7, % 9, % 10, % 11, % , % 7, % 8, % 7, % 9, % 11, % 11, % , % 7, % 8, % 8, % 9, % 11, % 11, % , % 7, % 8, % 8, % 9, % 11, % 12, % , % 7, % 8, % 8, % 9, % 11, % 12, % , % 7, % 8, % 8, % 9, % 11, % 12, % , % 7, % 8, % 8, % 9, % 11, % 12, % , % 8, % 9, % 8, % 9, % 12, % 12, % , % 8, % 9, % 8, % 10, % 12, % 13, % , % 8, % 9, % 8, % 10, % 12, % 13, % , % 8, % 9, % 8, % 10, % 12, % 13, % , % 8, % 9, % 8, % 10, % 12, % 13, % , % 9, % 8, % 10, % 13, % 13, % , % 10, % 8, % 10, % 13, % 14, % , % 10, % 9, % 10, % 13, % 14, % , % 10, % 9, % 10, % 13, % 14, % Compounded Annual Growth Rates: % 1.0% 1.6% 1.4% 1.5% 1.7% 1.8% % 1.6% 1.4% 1.4% 1.7% 1.8% Page 8