Miami-Dade County advances dedicated funding source for SMART Plan
MIAMI-DADE – Miami-Dade County on Jan. 18 took a big step towards creating a dedicated funding source for the Strategic Miami Area Rapid Transit (SMART) Plan to expand rapid transit. The Chairman’s Policy Council unanimously approved an ordinance to create a locally designated Tax Increment Financing district (known as TIF), which would allow the County to utilize future economic growth in ad valorem revenue to help fund the six SMART Plan rapid transit corridors throughout Miami-Dade County. The ordinance must still be approved by the full Board of County Commissioners.
“I want to thank the members of the policy council for authorizing the tax increment finance district as part of the funding mechanisms for the SMART Plan,” said Miami-Dade County Commission Chairman Esteban Bovo Jr. “It really comes at perfect time with the news that Amazon is considering Miami-Dade as one of the top 20 locations for their second headquarters. Transportation is fundamental for us not only to be able to sustain growth and address issues of sea-level rise and housing, but also for long-term sustainability in Miami-Dade County. The TIF legislation will help generate millions of dollars that could go right to expansion and operation of our current Metrorail system.”