Garfield says he has new data that will keep the project alive. The state replies the only new data it needs is proof Garfield can come up with $15 million to fund initial startup costs of the 50-mile monorail. So far, the developer hasn't been able to do that.
Garfield maintains all of the funding for the $1.5 billion enterprise is coming from private investors and taxpayers will not have to pick up a dime.
Because of the funding question, the state agency canceled a deal two weeks ago that would have given Garfield and his company, Bee Line Monorail, access to state rights-of-way land along the Bee Line Expressway. That concession is valued in the millions because it meant the entrepreneur wouldn't have to deal with individual counties to obtain the same privilege.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.