Miami-Dade County Approves US$75m Credit for POMT

Infra Americas

Infra Americas reports that the Miami-Dade County Commission has approved a measure to establish a US$75m letter of credit to fund the Port of Miami tunnel project.  The vote signals the various partners in the tunnel project that the county intends to honor its agreement to fund 50% of a US$150m "geotechnical and relief contingency reserve," which th private partner can draw on if they hit unanticipated cost overruns when digging the tunnel. The other US$75m will come from the Florida Department of Transportation (FDOT).  Nossaman is mentioned as FDOT's legal advisor.

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