Reso 2006-959 - Laserfiche WebLink

Home Browse Search

Greater Miami has the largest concentration of domestic and international banks south of New York City. With more than 90 percent of the state's foreign banks operating offices in Miami, this market dominates international banking in Florida. There are 31 international banking agencies and eight Edge Act corporations operating in Greater Miami. Many of their banking customers are located in Latin America. Overall, about 100 domestic banks, savings and loans, foreign banks and Edge Act banks operate in Greater Miami. The greatest concentration is located along Brickell A venue in downtown Miami. Transportation Miami-Dade County has an extensive expressway system with access to all points in the County. However, due to the rapidly increasing population, some of the expressways, especially Interstate 95, are becoming overburdened. In 1985 Miami-Dade County completed a 20.5 mile elevated rapid transit system. This system originally extended southward from downtown Miami to Dadeland, paralleling U.S. Highway 1 and northwesterly from downtown Miami to Hialeah. Recently, the system was extended about a mile from Hialeah to the Palmetto Expressway at NW 74th Street. In conjunction with this system, there is a Downtown People Mover Automated Transit system which encircles the central business district of Miami and extends south to the Brickell area and north to the Omni area. Miami-Dade County is served by the CSX and Florida East Coast Railroads for freight and Amtrak Rail, Greyhound and Trailways Interstate bus lines for passenger service. Miami International Airport, one of the nation's largest and busiest, had approximately 31 million arrivals and departures in 2005. Moody's Investor Service, a major bond-rating company, recently ranked the airport Aa (the second highest rating an airport can enjoy). Only Los Angeles International Airport shares this ranking; no U.S. airport has ever attained the highest ranking of Aal. According to Moody's, a key factor in the ranking is the airport's "market value as an international gateway with its own strong organization-and-destination base". The airport is currently undergoing a $5.4 billion expansion. New South and North terminals and a fourth runway are planned. Miami has become a port of embarkation for airlines and ships bound for Central and South American Countries. The Port of Miami, besides being the largest passenger port in the nation, is also important as a cargo center with a 2003 annual tonnage of approximately 9.0 million up from 8.7 million in 2002 and 8.25 million in 2003. The port's traditional customer base has been Europe, Latin America and the Caribbean, accounting for 64% of the port's total volume. Miami's comprehensive transportation system and its strategic location have enabled it to become an important international transportation center, providing commercial access to Latin America and the Caribbean. QUINLIVAN APPRAISAL 15