Miami-Dade Approves 'Innovative' Funding Source For Transit

DORAL, FL — Miami-Dade commissioners gave final approval on Tuesday to a measure that would help fund the county's Strategic Miami Area Rapid Transit (SMART) Plan. Commission Chairman Esteban Bovo Jr., who sponsored the ordinance, described it as an "innovative" new funding source that will expand rapid transit in a county that has some of the worst traffic anywhere in the United States.

“I believe further investment in transportation will only enhance our ability as a county to sustain a diversified economic future," Bovo said.

The ordinance creates a locally designated Tax Increment Financing district or TIF that allows the county to use future economic growth in "ad valorem revenue" without raising the tax rate. Read the complete ordinance here.

County officials said that the money will be used to help finance six SMART Plan rapid transit corridors, including the Beach, East-West, Kendall, North, Northeast 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,” Bovo added.

Photo of Commission Chairman Esteban Bovo Jr by Paul Scicchitano