All Aboard Florida (AAF), the planned passenger rail service that will connect Miami with Orlando, got another boost Tuesday when agreement was reached with the Florida Department of Transportation (FDOT) on the terms of a lease for portions of the state’s State Road 528 right of way in Central Florida.
The terms call for a 50-year lease with an option to renew for another 49 years. AAF will pay FDOT $275,000 per year, adjusting annually for inflation – the appraised, fair market value of the lease. The payments are structured to allow AAF an opportunity to get the service built and operating.
“This lease is another example of how our economic policies work to create private sector jobs for Florida families and develop the best transportation and infrastructure system in the country,” said Gov. Rick Scott.
“I am pleased to sign this lease between the department and All Aboard Florida in what will become the nation’s first privately financed, operated and maintained passenger rail system. This high speed passenger rail service will offer transportation choices for our residents and visitors traveling between Orlando and Miami at no cost to state taxpayers,” said FDOT Secretary Ananth Prasad.
At the end of the lease, AAF will either restore the department’s property along SR 528 to its original condition at no cost to the state or the rail improvements will become FDOT’s property.
The proposed service would connect South Florida with Orlando via a roughly 240-mile (390 km) route along the Atlantic coast north from Miami to Cocoa, where it would turn west towards Orlando. About 50 million people travel between Orlando and South Florida annually for business and pleasure.
