Miami-Dade County Commission approves innovative funding source for SMART Plan
MIAMI-DADE – The Miami-Dade County Commission on Feb. 6 gave final approval to an ordinance creating an innovative funding source for the Strategic Miami Area Rapid Transit (SMART) Plan to expand rapid transit.
The locally designated Tax Increment Financing district (known as TIF) will allow the County to utilize future economic growth in ad valorem revenue without raising the tax rate to help fund the six SMART Plan rapid transit corridors: the Beach, East-West, Kendall, North, Northeast corridors and the South Dade Transitway.
“I want to thank my colleagues on the Board of County Commissioners for supporting this innovative funding mechanism for the SMART Plan,” said Miami-Dade County Commission Chairman Esteban Bovo Jr., the ordinance’s prime sponsor. “I believe further investment in transportation will only enhance our ability as a county to sustain a diversified economic future.”