Miami-Dade could create special districts around proposed rail lines, with legislation now being written, according to the Herald.
Property values are expected to increase around the new rail lines. Only that increase will be subject to a higher rate (taxes would remain the same on current values), and bonds could be issued based on the increase that is being forecast.
In addition to these districts, Dade is considering other options to fund rapid transit, including:
- Increase in sales tax to 7.5%
- Use of tolls generated by MDX, including tolls from the 836
- Sale of development rights at stations
One lobbyist said that there are multiple private companies waiting to bid on a potential public-private partnership to build the new rail lines.
The county is budgeting $31 million this year for studies, which could eventually lead to state and federal reimbursement of up to 75 percent of the costs of the new lines. Those studies could take between one and five years however, and Miami Beach recently decided to build a streetcar without waiting for federal funding.
