THE FLORIDA DEVELOPMENT FINANCE CORPORATION IS SET TO APPROVE $950 MILLION OF PABS UNDER THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT FOR BRIGHTLINE MARCH 11. If approved, Brightline will receive a collective of $2.7 billion.
Meanwhile, Brightline is facing two lawsuits filed by Indian River County.
Indian River County attorney Dylan Reingold plans to request that the FDFC meeting “be conducted somewhere along the corridor of the project” and “will file an injunction” if the meeting location is not changed.
Also, financial reports for Brightline have shown that it has a negative cash flow.
“For a number of reasons, including mounting debt, inflated ridership projections and the fact passenger rail is never profitable, Wall Street had no interest in investing in the Virgin Trains USA project,” stated Florida Alliance for Safe Trains Susan Mehiel, referring to the postponed IPO. “It makes no sense for taxpayers to subsidize the project through $2.7 billion in private activity bonds to say nothing of the costs to local communities for retrofitting over 120 grade crossings.”
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