Transportation trust fund created for Miami transit projects

Miami creates mass transit trust fund

Miami Herald 10/22/15

The legislation approved Thursday ensures that 20 percent of any unrestricted, one-time payment to the city of at least $500,000 will go into the trust fund. For instance, should the city ever receive the $10 million payment related to the SkyRise tower project, $2 million would go into the account.

The fund will also receive 20 percent of any cash payment by developers for “air rights,” sold by the city’s public benefits program, excluding amounts reserved for affordable and workforce housing. And every budget year, 0.25 percent of Miami’s general fund ($615 million in 2016) will go into the transportation fund. A third funding source comes from transit-oriented-developments that pay the city to receive reductions in parking requirements, legislation that was also approved Thursday.

 

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