IS ALL ABOARD FLORIDA FINANCIALLY VIABLE?
That is the question, and it is sort of crazy that it is still being asked at this point. This was supposed to be a private funded initiative that was to stretch from Orlando to Miami. There were plenty of problems along the way with regards to planning and the proposed stops the trains would make but since it was privately funded no one really cared. All of a sudden now that All Aboard Florida is seeking a $1.6 billion dollar federal loan to fund their shaky plans lots of people care. The loan is being sought from the Federal Railroad Administration, and this is the largest amount ever applied for. The total cost of the project is $2.5 billion and counting. Two U.S. congressmen, Patrick Murphy, D – Jupiter and Bill Posey R – Rockledge, are calling for independent review of the project to determine whether it is worth spending tax payer money on. If All Aboard were to get the loan and the project fails the taxpayers would pick up the bill. Specifically, the nonpartisan Government Accounting Office will be investigating how much the cost is to taxpayers, the amount of risk for potential default and the interest rate being charged on the loan. This is a painful situation indeed. Florida is badly in need of more mass transit, especially to airports, stadiums, etc., and this is a step in the right direction. But from the start it seems like this project has been badly planned. It has been fought by many residents whose homes are close to the rail crossings (they planned to have 32 trains running per day), and by many other cities who wanted to have stops there and have not been able to get them. How can you get to this point and not have the routes already planned out and agreed to by the respective cities? All Aboard has already bought the land for the train stops in West Palm Beach, Ft. Lauderdale and Miami, which is valued at $730 million dollars. While I hope that All Aboard can be successful, I really don’t think the public should be paying for its business/plans. What do you think? As always thanks for reading and have a great day.
Congressmen question All Aboard's viability
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