The proposed extension of Brightline train service to Tampa has received a vote of confidence from a coalition of planning and transportation organizations in the region. This coalition, consisting of the Suncoast Transportation Planning Alliance and Central Florida Metropolitan Planning Organization Alliance, is made up of 10 metropolitan planning organizations and state transportation officials along the Interstate-4 corridor. The approval came after the sale of $925 million in high-yield municipal bonds to finance the planned extension. This resolution calls for the state and other interested parties to work together to expand transit and rail options along the I-4 corridor. The resolution highlights the critical issues of traffic congestion, travel time reliability, safety, and job access in the region.
The resolution specifically mentions Brightline and Amtrak as key players in expanding passenger rail service in the area. Brightline, backed by the Fortress Investment Group, currently operates a 235-mile train system from Miami to Orlando with stations in between. The extension to Orlando International Airport opened recently, marking a milestone as the first private passenger system in the country in over a century. The expansion to Tampa would connect Tampa Bay to the Orlando Metro area, the Space Coast, and Southeast Florida, providing more travel options for residents and visitors alike. Additionally, the resolution calls for more frequent and new Amtrak service between Tampa Bay and metro Orlando, as well as other parts of the United States.
The financing for the Tampa extension includes $925 million in high-yield municipal bonds, which are considered the riskiest in the debt stack. These bonds have a mandatory tender date of July 2028 and were sold through a newly created subsidiary called Brightline Tampa. The current plan outlines the development of the project with stops at key locations such as the Orange County Convention Center, major theme parks in Central Florida, and a planned stop in the Tampa area. Brightline Tampa is tasked with developing the project to achieve final National Environmental Policy Act permitting and at least 60% design completion.
Despite the regional support for the project, the state’s latest budget did not include a request for $50 million for the extension. Governor Ron DeSantis emphasized that the project is privately funded and that the state will not be responsible for funding it with taxpayer money. This raises questions about the long-term financial sustainability of the project and whether private funding alone will be sufficient to support its development and operation.
While the proposed extension of Brightline train service to Tampa has received regional approval and support, there are lingering questions about the financial viability of the project. As the project moves forward, it will be important to address these challenges and ensure that the necessary funding and resources are in place to successfully complete the extension and provide much-needed transit options for the region.