IT'S LIKELY "SPECULATIVE START-UP VENTURE" ALL ABOARD FLORIDA WOULD DEFAULT ON A FEDERAL LOAN, TREASURE COAST RAIL OPPONENTS SAID MONDAY IN IT'S LETTER TO THE U.S. DEPARTMENT OF TRANSPORTATION.
This letter asked the DOT to carefully consider AAF's risky finances before providing a loan. Originally, AAF sought a $1.6 billion loan to finance its Miami-to-Orlando passenger railroad.
On Monday, Treasure Coastal rail opponents suggested AAF upped its request to $1.75 billion.
"All Aboard Florida has expressed interest in a Railroad Rehabilitation and Improvement Financing (RRIF) loan but a formal application has not been received," a Federal Railroad Administration spokesperson said. The Administration and AAF did not comment on loan details.
"We believe AAF is struggling," Indian River County Attorney Dylan Reingold stated. "They have unsuccessfully tried to sell tax-free (bonds) on at least three different occasions To date they have been unable to find buyers."
Other concerns include the impact the high-speed passenger rail may have on President Donald Trump; his go-to Mar-a-Lago Club is near AAF's West Palm Beach station and may threaten the President's safety.
Read more here.
Original Article written by Lisa Broadt of the Mass Transit.