FEC Prospectus Board 102811 v2 (2)

8/3/2019 FEC Prospectus Board 102811 v2 (2)

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1. Overview

2. Background

3. Passenger Rail in South Florida

4. SFRTA5. South Florida East Coast Corridor Study & Draft

Locally Preferred Alternative (LPA)

6. FDOT & FEC 2011 Proposal

7. SFRTAsFast Start Plan

8. Comparison of FDOT &FEC 2011 Proposal andSFRTA Fast Start Plan

9. Summary

10/31/2011 2

PRESENTATION OVERVIEW


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In August of 2011, FDOT made public their plans for apartnership with FEC to bring initial rail service tothe FEC corridor and take over Tri-Rail operations

SFRTA has prepared this prospectus for SFRTAs Fast

Start Plan, which provides a superior and more costeffective approach to the reintroduction of PassengerRail Service on the FEC corridor.

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1. OVERVIEW


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Reintroduction of Passenger Rail Service tothe Florida East Coast (FEC) rail corridor has

been discussed for decades

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2. BACKGROUND


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In the 80s, FDOT had consideredoperating the Tri-Rail on the FECcorridor, but FEC was not a willingpartner at that time

In 2002, S FRTA initiated pla nningefforts to expand service to theFEC corridor

At FECs request, FDOT p artnered

with S FRTA to co mprehensivelystudy the FEC corridor from Miamito Jupiter

10/31/2011 5

FLORIDA EAST COAST RAIL

CORRIDOR (FEC)

Tri-Rail

FECCorridor


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10/31/2011 6

3. PASSENGER RAIL IN SOUTH FLORIDA

Founded in 1989, Tri Rail is the nations first New Startcommuter railroad.

Twelve other cities in the U.S. have followed Tri Rails lead

with their own New Start commuter railroads

Today, Tri Ra il

Averages 14,000 daily boardings

Operates 50 weekday and 16 weekend trains

Serves 18 stations over a 71 mile route

Provides 85+% on-time performance

Among the New Starts, only Los Angeles serves morepassengers


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10/31/2011 7

3. PASSENGER RAIL IN SOUTH FLORIDA

Among the 22 active US commuter railroads Tri-Railis an outstanding performer

High Fleet Productivity (2nd in nation) Efficient use of a small fleet

High Route Productivity (7 th in nation) Few unproductive route miles

High Station Productivity (7th in nation

) Relatively few low ridership stations

High Ridership (10th in nation) Among the more popular commuter railroads


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10/31/2011 8

4. SFRTA

A COMMUTER RAIL INNOVATOR

SFRTA manages Tri-Rail service operated by a network ofcompetitively bid private contractors specializing in:

Railroad Operations Shuttle Bus Operations Rolling Stock Maintenance

Contract Oversight

Accounting & Finance

Legal Marketing

Planning and CapitalDevelopment

Procurement

Service Delivery

Customer Service

Engineering Operations

Station Agents

Ticket Sales

Executive

Administration

Board Support Legal

Security Station Maintenance Revenue Collection Systems


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10/31/2011 9

4. SFRTA

PRIVATIZED SERVICE DELIVERY

19% *

Operations

Contractor SFRTA

81%

3%

Capital

Contractor SFRTA

97%Fiscal Year 2010

* 19% SFRTA includes 9% direct service delivery and 10% administrative costs

SFRTA is the most privatized Commuter Rail provider in the US


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10/31/2011 10

4. SFRTA

HIGHLY EFFICIENT SERVICE DELIVERY

Service Delivery

Administration

Independent Analysis by AECOM Fall 2011

91%

91 Cents of Every Dollar Spent on Service Delivery


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10/31/2011 11

4. SFRTA

COST STRUCTURE COMPARES FAVORABLY

TO INDUSTRY

0%

10%

20%

30%

40%

50%

60%

70%

VehicleOperations

VehicleMaintenance

Non-VehicleMaintenance

Administration

Industry LOW

SFRTA

Industry AVE

Industry HIGH

National Transit Database Categories *

* Based upon latest available NTD Report: 2009


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10/31/2011 12

Phase 1 (2005-2007) Freight assessment, mapped constraints and market

opportunities, conceptual alternatives

Phase 2 (2008-2010) Detailed definition of alternatives Recommended a complex and intense network of four

interconnected services KEY PRODUCT: DRAFT Locally Preferred Alternative (LPA)

Phase 3 (2011-Present) Revising master plan, forecasts and implementation plans Federal environmental permits Finance Alternatives

5. SOUTH FLORIDA EAST COAST

CORRIDOR STUDY
http://sfeccstudy.com/index.html


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10/31/2011 16

6. FDOT & FEC 2011

PROPOSAL

In August of 2011 FDOTunveiled a less ambitiousFEC Standalone plan*

While less costly to buildand operate, service isstandalone and limited toFort Lauderdale toDowntown Miami

Palm Beach

Miami-Dade

Broward

* Study prepared by FDOT & HDR July 2011(Submitted to news media & SFRTA on August 26, 2011)


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Service Plan

Operations

AnnualOperating Cost

Capital Cost

Finance Plan

Schedule

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AN SFRTA PROPOSAL FOR

REINTRODUCTION OF PASSENGER RAILSERVICE IN THE FEC CORRIDOR

7. SFRTAS FAST START PLAN


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7. SFRTAs

FAST START

PLAN

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SERVICE PLAN


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10/31/2011 19


SERVICE PLAN

Integrated Service

Unifies existing Tri-Rail and newFEC services by connecting themin Pompano Beach

+ Fin ancially Feasible Plan

Low start up costs and anaffordable operating plan theleverages existing public

investment in SFRTA/Tri-Rail

= Fast Implementation

Service can begin quickly


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10/31/2011 20


SERVICE PLAN

Step One

Split Existing Tri-Rail Service

Orange Line (26 trains/day) Blue Line (24 trains/day)

Orange Line

Current Tri-Rail Route

Blue Line

New Downtown Miami Service


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10/31/2011 21


SERVICE PLAN

Step Two

Add service to highest

ridership section of routeto match existing Tri-Railservice level of 50 trainsper day

Green Line (26 trains/day)


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SERVICE PLAN

Step Three

Provide a regional service

on the FEC between Jupiterand Downtown Miami

Red Line (6 trains/day)

Sets stage for regionalservice extending north


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10/31/2011 23


SERVICE PLAN

Result

Integrated Servic e

Regional service on the FECbetween Jupiter and Miami

A one-seat ride to downtownFort Lauderdale or Miami

Modest Capital Costs

Low Operating Costs SFRTAs plan assumes no

incremental administrative costs


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7. SFRTAs

FAST START

PLAN

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OPERATIONS PLAN


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New FEC Service

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OPERATIONS PLAN

Modified Tri-Rail Service

Mangonia Park Miami Airport26 weekday trains18 stations

Downtown Fort Lauderdale Downtown Miami26 weekday trains10 stations

Mangonia Park Downtown Miami24 weekday trains20 stations

Jupiter Downtown Miami6 weekday trains18 stations


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7. SFRTAs

FAST START

PLAN

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ANNUAL

OPERATING COST


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Administration

SFRTAs plan assumes no incremental administrative costs

FDOT assumes a new administrative structure

Operations and Vehicle Maintenance

SFRTAs estimates are based upon actual contracts with Veoliaand Bombardier, which provide very attractive rates foradditional service

FDOTs estimates are based on the National Transit Database

Maintenance of Way

SFRTA includes fees

FDOT overlooked CSXT and FEC maintenance charges

Neither plan addresses a corridor use fee with FEC

10/31/2011


ANNUAL OPERATING COSTS


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$9.9

$3.9

$0.9

$11.1

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

FDOT

Millions

Administration

Maintenance of Way

Vehicle Maintenance

Operations

Comparison of Annual Operating Costs



$25.8M

* August 2011 FDOT and FEC Proposalusing National Transit DatabaseFDOT & FEC 2011 Proposal

Fort Lauderdale to Miami


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10/31/2011 29

FDOT & FEC 2011 Proposal


$9.9

$5.3

$3.9

$3.1

$0.9

$4.1

$11.1

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

FDOT SFRTA

Millions

Administration

Maintenance of Way

Vehicle Maintenance

Operations




$12.5M

$25.8M


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10/31/2011 30

Standalone FEC Service Fast Start

Jupiter -Miami

$9.9$5.3 $5.2

$3.9

$3.1 $1.9

$0.9

$4.1 $7.9

$11.1

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

FDOT SFRTA SFRTA

Millions

Administration

Maintenance of Way

Vehicle Maintenance

Operations




$25.8M

$12.5M$15.0M

FDOT & FEC 2011 Proposal



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Administrative $0

Maintenance of

Way$7.9M

VehicleMaintenance

$1.9M

Operations$5.2M

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7. SFRTAs

FAST START

PLAN

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CAPITAL COSTS


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10/31/2011 33


CAPITAL COSTS

DescriptionFDOT & FEC 2011

Proposal*

SFRTA

Fast Start Plan

Track and Structures $44.2 $53.1

Stations and Facilities $21.4 $30.2

Communications and Signals $30.9 $48.6

Crossings $20.7 $23.2

Infrastructure Subtotal $117.2 $155.1

Engineering & Other Costs $75.0 $100.6

Subtotal $192.2 $255.7

Rolling Stock $56.9 $0

New Layover Facility $16.2 $16.2

Grand Total $265.2 $271.9

* All estimates by SFRTA


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7. SFRTAs

FAST START

PLAN

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FINANCIAL PLAN


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SFRTA Fast Start Financial Plan based upon

four assumptions:

1. FDOT will fund capital costs

2. SFRTA contributes to new operating costs3. Cities will pay new annual fee per station on FEC

corridor to defray operating costs

4. Increase fares system-wide upon introduction on

Tri-Rail Coastal service

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FINANCIAL PLAN


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City station assessment

All 17 cities identified in SFRTAs Fast StartPlan will directly benefit from the FEC service

All will be required to contribute an annualoperating fee

Each City will be required to sign a long termagreement with SFRTA BEFORE a station isapproved for construction.

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FINANCIAL PLAN


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SFRTA Planning Staff to develop acomprehensive assessment for each city ofeconomic development potential as a result of

Tri-Rail Coastal Service

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FINANCIAL PLAN: CITY STATION ASSESSMENT


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Tri-Rail Coast Service Low RevenueScenario

High RevenueScenario

Annual Operating Cost * $15.030 million $15.030 million

SFRTA Savings $1.500 $2.350

New Service Fare Box $4.29 $5.36

System-wide Fare Increase ** $0 $1.287

Short-fall $9.240 6.033

City Stations 17 17Annual City Station Assessment*** ~$550K ~$350K

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Notes: * Does not include FEC corridor fee** Only incremental increase included*** Subject to negotiations on corridor cost

DRAFT


FINANCIAL PLAN


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7. SFRTAs

FAST START

PLAN

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SCHEDULE


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SFRTA is confident it can begin Tri-Rail CoastService in the corridor within the next threeto five years.

For perspective, FDOT has been conductingplanning studies for eight years and has years

of additional studies budgeted

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SCHEDULE


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ServiceDescription

LPA SFRTAs FastStart Plan

FDOT & FEC2011 Proposal *

Integrated with Tri-Rail? Yes Yes No

Jupiter to Miami Service? Yes Yes No

Fort Lauderdale to Miami Only? No No YesCompetes with Tri-Rail? No No Yes

Leverages Existing PublicInvestment in SFRTA and Tri-Rail?

Yes Yes No

Stations 47 17 8

Economic Development Potential Excellent Very Good Moderate

Trains per day (weekday) 300 82 50

Distance 85 + SFRC 85 + SFRC 24

10/31/2011 41* Study prepared by FDOT & HDR July 2011

8. COMPARISON OF FDOT PROPOSAL &

SFRTA FAST STARTPLAN


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Other IssuesDescription

LocallyPreferred

Alternative

SFRTAs Fast

Start PlanFDOT & FEC

2011 Proposal*

Ridership Potential Excellent Very Good Good

Federal Environmental Review Yes No ??

Time to Implementation >10 Years


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Funding & OversightDescription

LPA SFRTAs FastStart Plan

FDOT & FEC2011 Proposal *

Addition County FundingRequired?

Likely No Yes

Public Agency Oversight Likely SFRTA SFRTA No

Public Funds to Private Firm? No No Yes

Annual Operating Cost $177-203million

$15.0 million $25 million

Capital Cost $2.5 billion $271.9 million $265.2 million

10/31/2011 43* Study prepared by FDOT & HDR July 2011

8. COMPARISON OF FDOT PROPOSAL &

SFRTA FAST STARTPLAN


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SFRTA should continue its leadership role inbringing passenger service to the region

SFRTA is uniquely positioned to implement theTri-Rail Coastal Service quickly and efficiently

Superior integrated service for about half the

operating cost of the FDOT and FEC proposal

SFRTA can implement the Tri-Rail CoastalService with no additional equipment

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9. SUMMARY


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Tri-Rail

Coastal

Service

South Florida RegionalTransportation Authority

Miami-

Dade

Broward

Palm

Beach

Getting Southeast Florida To Work

FEC Prospectus Board 102811 v2 (2)

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