MIAMI – A port tunnel in Miami four years in the making is set to open on time after the $201 million bond financing deal closed Thursday.
Miami-Dade County finalized the deal that allows the PortMiami tunnel to open later this month.
The bond issue financed a $180 million contribution to a public-private partnership to finance the construction project.
Under the terms of the agreement, the port tunnel will be managed by Mat Concessionaire, LLC, for a 35-year term. It will revert to the Florida Department of Transportation in 2044.
The giant tube to and from PortMiami is scheduled to open in 11 days.