Author Topic: Brightline ready to expand rail system to Tampa  (Read 47506 times)

bl8jaxnative

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Re: Brightline ready to expand rail system to Tampa
« Reply #210 on: February 03, 2020, 11:46:43 AM »

Anyone know what happens if Virgin doesn't meet the March 31st deadline with Florida DOT for the Tampa extension?   They've had a couple.


https://www.bizjournals.com/orlando/news/2020/01/23/heres-the-latest-on-virgin-trains-planned-disney.html

thelakelander

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Re: Brightline ready to expand rail system to Tampa
« Reply #211 on: February 03, 2020, 12:19:18 PM »
Who knows. Probably another extension. The last time I heard, the ridership forecast numbers weren't looking good for an expensive extension to Tampa. I would not be surprised if they phase it and focus on getting to Disney and SunRail first instead. Both likely promise just as many riders, if not more, than a through trip to Tampa.
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Pottsburg

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Re: Brightline ready to expand rail system to Tampa
« Reply #212 on: April 07, 2020, 12:16:58 PM »
Brightline has laid off 250 of their 300 employees.  They will be shut down for a while.  Orlando is still the goal, but like i said before stations like Boca Raton will not happen anytime soon.  Its going to be a while before you see another brightline train running.
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thelakelander

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Re: Brightline ready to expand rail system to Tampa
« Reply #213 on: April 07, 2020, 04:24:48 PM »
Yes, the virus and South Florida being under a restrict stay at home order, means there's little reason to run a private train system for commuting right now. However, construction to Orlando still continues. I just got off a call today. A lot of transportation infrastructure projects are being advanced since people are off the road. As a result, my days are busier right now.
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bl8jaxnative

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Re: Brightline ready to expand rail system to Tampa
« Reply #214 on: April 07, 2020, 05:06:12 PM »
Brightline has laid off 250 of their 300 employees.  They will be shut down for a while.  Orlando is still the goal, but like i said before stations like Boca Raton will not happen anytime soon.  Its going to be a while before you see another brightline train running.

Not surprised that the construction is going on right now.  I'm curious what this does to their plans. they had a lot of capital that still needed to be raised.   I'm curious how this is going to affect the capital markets.

bl8jaxnative

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Re: Brightline ready to expand rail system to Tampa
« Reply #215 on: April 07, 2020, 05:14:24 PM »

as one would expect - but companies have done crazier things - most of the debt they're taking on for construction is tied in with bonds.  And those bonds are set up so they don't start paying down principal until 2022.

https://www.bondbuyer.com/news/floridas-virgin-trains-suspends-passenger-service-due-to-coronavirus


The debt is part of three allocations of tax-exempt private activity bonds by the U.S. Department of Transportation. Those were $600 million issued in 2017 and redeemed last year along with the separate issuance of $1.15 billion and the $950 million.

The $1.15 billion deal set aside funds for certain reserves, but a debt service reserve isn't expected to be funded until passenger rail service begins between Orlando and West Palm Beach in 2022, according to the official statement.

"We’ve pre-paid interest until 2022," Porritt said. "All work related to Orlando continues and we see no adverse impact on our timeline."

MusicMan

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Re: Brightline ready to expand rail system to Tampa
« Reply #216 on: April 07, 2020, 09:27:34 PM »
My bro-in-law was laid off too. He was Director of Media Relations and Corporate Affairs.  It sucks for him, but he's saved plenty of money and will pick up something new I'm sure.

bl8jaxnative

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Re: Brightline ready to expand rail system to Tampa
« Reply #217 on: April 21, 2020, 10:28:24 AM »

Anyone know what happens if Branson goes belly-up?   How may that affect Virgin Trains USA?

thelakelander

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Re: Brightline ready to expand rail system to Tampa
« Reply #218 on: April 21, 2020, 10:33:33 AM »
Probably the same thing that happens when someone builds a structure for a new business and it fails. A new business goes in. 4 Rivers Smokehouse, Metro Diner, most of our craft breweries, etc. are good examples of this. In the case of Virgin, if it fails, at worst we'll have high quality infrastructure connecting Disney to Downtown Miami. That makes it easier for a follow up entity to utilize it, considering they won't have the weight of intial construction costs on their hands.
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tufsu1

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Re: Brightline ready to expand rail system to Tampa
« Reply #219 on: April 21, 2020, 10:56:09 AM »

Anyone know what happens if Branson goes belly-up?   How may that affect Virgin Trains USA?

he's leveraging his private island as collateral for saving Virgin Airlines :)

Pottsburg

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Re: Brightline ready to expand rail system to Tampa
« Reply #220 on: April 26, 2020, 08:58:31 AM »

as one would expect - but companies have done crazier things - most of the debt they're taking on for construction is tied in with bonds.  And those bonds are set up so they don't start paying down principal until 2022.

https://www.bondbuyer.com/news/floridas-virgin-trains-suspends-passenger-service-due-to-coronavirus


The debt is part of three allocations of tax-exempt private activity bonds by the U.S. Department of Transportation. Those were $600 million issued in 2017 and redeemed last year along with the separate issuance of $1.15 billion and the $950 million.

The $1.15 billion deal set aside funds for certain reserves, but a debt service reserve isn't expected to be funded until passenger rail service begins between Orlando and West Palm Beach in 2022, according to the official statement.

"We’ve pre-paid interest until 2022," Porritt said. "All work related to Orlando continues and we see no adverse impact on our timeline."

    Yes the reason the second phase isn’t stopping is because it’s already funded.  Like I said before they are STILL not finished with the first phase. Yes the train was running but they still have major issues that need to be worked out. The first phase has had all funding cut and everyone has been sent home. That being said when the second phase is completed they will still need to fix things on the first phase before everything is fully operational. 3 years before you see another train running.  Hopefully they don’t run out of money.
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thelakelander

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Re: Brightline ready to expand rail system to Tampa
« Reply #221 on: April 26, 2020, 11:27:39 AM »
If they do, then the state will have a state of the art rail network between Orlando and Miami that could be put to a good number of sustainable economic mobility uses.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

Pottsburg

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Re: Brightline ready to expand rail system to Tampa
« Reply #222 on: April 26, 2020, 11:55:30 AM »
If they do, then the state will have a state of the art rail network between Orlando and Miami that could be put to a good number of sustainable economic mobility uses.
   
    If FEC let’s them, also it depends how much is left to do. State will not want to spend a lot of money to finish a project. We will see, we need the economy to pick back up and we need gas prices to get back to normal levels. Cheap gas means trucking the freight is cheaper.
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thelakelander

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Re: Brightline ready to expand rail system to Tampa
« Reply #223 on: April 26, 2020, 12:16:14 PM »
One thing I do know is no one is pulling up state of the art rail infrastructure. Especially in the district I work in. If the economy flatlines, expect public investment in all sorts of infrastructure and mobility projects as an attempt to put people to work. Regardless of for freight, passenger rail or both, it will be used.
"A man who views the world the same at 50 as he did at 20 has wasted 30 years of his life.” - Muhammad Ali

bl8jaxnative

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Re: Brightline ready to expand rail system to Tampa
« Reply #224 on: April 27, 2020, 08:47:39 AM »
Who owns that line going from Cocoa to MCO?  Is all of it owned by FEC?  Afterall that's who Virgin has the lease with.  Or will Virgin own it? 

Or it it all on the central florida expressway authority land with Virgin just owning the rail + leasing the land?