Miami Condo Market and Lifestyle Updates
Tax Free Bonds: $1.75 Billion From All Aboard Florida's MiamiCentral Station

Tax Free Bonds: $1.75 Billion From All Aboard Florida's MiamiCentral Station

by Sep Niakan | August 28, 2015

All Aboard Florida (AAF) has recently received approval for issuing $1.75 billion in tax-free bonds.

A Florida board gave the approval for the bonds, which is just in time for the completion of piling work at the MiamiCentral Station.

AAF will be able to pay off the $405 million worth of bonds that they issued in 2014, which sold at a 12% interest rate. The 2014 bonds were used to begin work on stations and tracks for railways in the Miami area.

The bonds for 2015 will not be rated, but will more than likely have lower interest rates than the 2014 bonds. This is due to the 2014 bonds being investor unfriendly, with lots of risks and several provisions. The beginning of marketing campaigns for the bonds will begin in September. However, they must be finished selling by the end of December in order to keep its tax-exempt status.

As far as the project itself, the contractors working on the MiamiCentral Station have successfully drilled 1,600 piles, with a depth of 100 feet each. Workers have begun construction on certain parts of the rail, which will stand about 50 feet above the street. 

AAF is estimating $2.5 billion for the project, $700 million of which will be from equity.

 

Source: thenextmiami.com

Photo credit: thenextmiami.com

Recent posts

Real Estate News

Miami’s New and Pre-Construction Condo Update: August 2017

by Sep Niakan | September 17, 2017

August comes up with quite some movement for the preconstruction condo market in Miami. We have Aston Martin Residences gearing up for a fall groundbreaking, Canvas and The Harbour successfully topped off, 1010 Brickell got its ok to open and...

Opinions and Advice

Back to school

by Sep Niakan | August 29, 2017

Septembers can be a sobering time for most as we say goodbye to summertime frolic. Kids are either back to school or are gearing up for it. Parents are busy running around, trying to get everything and every kid organized. It’s back to the...

Opinions and Advice

4 Property Tax Savings and Benefits when Buying Property in Florida

by Sep Niakan | August 29, 2017

For most people, paying taxes equals one big headache. In Florida, knowing your tax laws is worth the pain. Being a Florida resident, you can gain from many tax-saving programs. You can also find affordable real estate in big cities like Miami....

Lifestyle

September Events to Spice Things Up In Miami!

by Sep Niakan | August 27, 2017

Summer may be on its way out, but that doesn’t mean things have to fizzle down. There’s a whole bunch of stuff to do this month, especially around Labor Day weekend. Scroll through our top picks and plan a fun September in...