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Richard Branson, in the center, raises a toast to the city and county officials, including Commissioner of Miami-Dade Rebeca Sosa, left, and Brightline President Patrick Goddard, right, before unveiling The new name of Downtown Miami's "Virgin MiamiCentral" Transportation Center in downtown Miami, Florida on April 4, 2019.
Virgin Trains USA has received authorization to raise the necessary funds for the construction of a 170 km line linking West Palm Beach to Orlando.
Florida Development Finance Corp. on Friday approved the issuance of new private bonds for the South Florida private line, formerly Brightline, to finance the second phase of its development plan in Orlando.
Service in central Florida is expected to begin in 2023.
"We appreciate the work of the Board of Directors and the staff of the FDFC," said Virgin spokesman Ben Porritt in a statement. "Virgin Trains will be a transformational project that will help Florida remain economically competitive, while creating thousands of jobs and having a significant economic impact on the state. We have seen incredible support for this project and are confident that it will bring public benefit to millions of Florida residents and visitors. "
Bonds allow developers to borrow at a lower rate. Only the bondholders, not the taxpayers, would be affected if the company defaulted.
Less than a year after its launch in Miami under the name of Brightline, the company has abandoned its IPO project, reported activity levels still below expectations and continues to operate at a loss.
Thursday, she officially launched her new name: Virgin Trains, with the appearance of its founder, Sir Richard Branson.
Virgin is currently discussing with Disney a station that would be located on the theme park property and that would serve airport passengers and visitors from South Florida. The railroad company will also add its own station to a $ 682 million intermodal site recently completed at Orlando International Airport.
Brightline plans to offer its services in Jacksonville and Tampa and to add stops to Port Miami and the Fort Lauderdale-Hollywood International Airport.
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