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Expansion i#fi9 rn Florida . revenue in 2020 would be $47 million instead of $142 million. This would reduce 2020 cash flow after debt service from a positive cash flow of $51 million to a negative cash flow of $44 million. The negative cash flow would be higher in magnitude at an interest rate higher than 4.00%. On an aggregate basis for the 5 -year period 2018 through 2022, if revenue were in line with the 2013 Louis Berger study instead of the 2017 Louis Berger Study (with its 300% revenue increase), the revenue for this 5 -year time period would be $204 million instead of $612 million. This would reduce cash flow after debt service for the 5 -year period from a positive cash flow of $156 million to a negative cash flow of $252 million. The negative cash flow would be higher in magnitude at an interest rate higher than 4.00%. Based on the foregoing, it would appear that the extraordinarily more optimistic revenue forecasts presented in the 2017 Louis Berger study are absolutely critical to the marketing of the 2017 tax-exempt bonds. The 2017 bonds, as structured, could not be marketed using the 2013 Louis Berger revenue projections, because the proforma presented in the draft 2017 preliminary offering memorandum would indicate massive negative cash flows after debt service. There is no evidence from FDFC's deliberations that: (a) AAF informed FDFC that the changes in Louis Berger's projections for the project form the keystone to the proforma financial analysis presented for the project; or (b) FDFC provided any scrutiny whatsoever to whether Louis Berger had any bona fide basis for increasing its revenue projections for the project by 300% between the time it prepared the 2013 study and the 2017 study. Louis Berger's 2017 study does not acknowledge that its AAF forecasts have become far more optimistic since its prior 2013 study. Louis Berger's new -founded optimism for the project is particular surprising in light of the following: 0 Tri Rail fares (in 2016$) are only $6.90 between Miami and West Palm Beach; $5 between Miami and Vt. Lauderdale; and $6.25 between Ft. Lauderdale and West Palm Beach. Tri Rail is a slower service, with greater headways between trains at certain hours, but its fares are far below those projected for the AAF project. • An entirely new transportation industry has emerged between 2013 and today: the Uber/Lyft phenomenon. These services are widespread in southern Florida. These taxi companies provide beginning -of -journey to end -of -journey service, eliminating the need for travel to stations and travel from stations to the passenger's ultimate destination. According to the 2017 Louis Berger study, the Uber fare is currently $27 - $35 between Miami and Ft. Lauderdale — about the same as a single ticket on the AAF train. But Uber takes the rider door-to-door and does not charge more for a second or third passenger. •