Florida's Brand-New Private Train Is Close To Running Out Of Money
The privately funded Brightline train debuted in South Florida in January, to great fanfare that included Miami Heat dancers and a mojito bar. So far, Brightline trains have killed half a dozen people who were crossing its tracks — but that is probably not the service's biggest problem.
The deaths were chalked up to careless or suicidal people crossing the tracks and addressed with a public safety campaign. Meanwhile, a federal lawsuit and a daunting financial situation cloud the train's future.
Indian River County Commissioner Bob Solari told the Florida Bulldog that the train service — which currently runs between Miami and West Palm Beach and is planned to extend to Orlando — could run out of money in six months if it is not allowed or able to raise $1.15B through private activity bonds. It needs the money to build track and extend to Orlando.
Brightline has already raised $600M through bonds, but a lawsuit filed against the U.S. Department of Transportation and the Federal Railroad Administration could prevent Brightline from raising the additional billion-plus dollars it seeks.
“They only have $59K in unrestricted cash and their restricted cash barely equals their current liabilities,” Solari said after reviewing the company's financials. "It appears that they badly need the second bond issue within the next six months."
According to the Florida Bulldog, Brightline had predicted a $20M profit for the year, but an unaudited financial statement shows that it lost $28.2M in Q1. Brightline reported moving 75,000 total passengers and collecting $663,667 in ticket revenue during that time frame.
https://www.bisnow.com/south-florida/news/economy/brightline-could-go-broke-florida-train-91315
Brightline tracks not safe enough, families of crash victims say
The attorney for two families that had sons and brothers die in Brightline crashes called Tuesday for stricter safety measures along the tracks of the high-speed rail line linking West Palm Beach and Miami.
The system in place is inadequate, said the attorney, Zedrick Barber, noting that the rail line has announced plans to expand service to Orlando even with South Florida’s issues with track safety.
“It’s clear that there’s a problem going on right now in South Florida but, pretty soon, that problem is going to travel from South Florida throughout the state of Florida,” Barber said during a news conference Tuesday at his law practice in Palm Beach Gardens.
Seven people have been struck and killed by Brightline trains in Palm Beach County since passenger service began in January. In addition, one other person was killed last year during Brightline’s testing phase.
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Report: Brightline submits sole proposal for Orlando-Tampa rail service
Brightline is the only firm to have submitted a proposal to the Florida Department of Transportation (FDOT) for operating an Orlando-to-Tampa passenger-rail service, the Tampa Bay Times reported yesterday.
Earlier this year, Florida Gov. Rick Scott announced that FDOT and the Central Florida Expressway Authority (CFX) would consider proposals from private operators to build and operate a high-speed rail line along state property between Orlando and Tampa.
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Stuart, Fort Pierce battle for Brightline station
The battle to stop the train is turning into the battle for a train stop.
Six years after Brightline announced it would run passenger trains between Miami and Orlando without stopping on the Treasure Coast, elected officials here may be fighting to change that.
With a local station, officials in Fort Pierce and Stuart say, Brightline could be so much more than just a passing blur. It could be a driver of the tourism economy, it could create jobs and it even could improve quality-of-life for residents.
Officials say they are just as certain they know the perfect location.
"Without a doubt I think Fort Pierce is the No. 1 place for a station on the Treasure Coast," City Manager Nick Mimms said earlier this week. “Fort Pierce has everything going for it."
Not so, said Stuart Vice Mayor Becky Bruner.
“I’m competitive, and by God I want it here in Stuart, not Fort Pierce,” Bruner said. ”There's so much potential."
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