The last time we looked at Brightline, Florida’s private moderate-speed rail line from Miami to West Palm Beach, it had killed three people before even opening for business. Since then it has killed five more. While you might think that people will learn not to cross the tracks in front of fast passenger trains, it turns out that freight trains on the Florida East Coast Railway (which owns Brightline) have consistently killed about two people per month for the last several years.
This helps explain why some Florida residents are vehemently opposed to Brightline’s plans to extend service to Orlando. So far, opponents have been unable to stop the train in the courts.
They appear to be doing better, however, in the court of financial opinion. Brightline hoped to fund the extension to Orlando (which will require the construction of new tracks between Cocoa and Orlando) with $1.15 billion worth of tax-exempt private activity bonds. The tax exemption would allow Brightline to pay lower interest rates. But Brightline was unable to convince investors to buy the bonds by its deadline of May 31. The U.S. Department of Transportation generously extended the deadline to the end of the year, but Brightline still has to find buyers. Continue reading
