All Aboard Florida withdraws funding plan, gets federal OK for another
Posted on November 29, 2016
By: Lisa Broadt, Treasure Coast Newspapers
The U.S. Department of Transportation, at All Aboard Florida's request, has rescinded its approval for $1.75 billion of tax-free bonds for the passenger railroad and instead approved $600 million for the Miami-to-West Palm Beach segment, the first phase of the project.
The action could frustrate Martin and Indian River counties' fight in federal court against expansion of the $3.1 billion railroad.
The counties have argued that All Aboard Florida cannot complete its project without the $1.75 billion, and that the money is unlawful because the Department of Transportation approved the financing before a final environmental review was completed...