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Citizens Expansion 1 11 We will leave to the sophisticated buyer of AAF bonds the decision about whether such numbers are credible, when they have gotten so much "better" over the last four years. If AAF has an explanation for the mismatch, it is not apparent from the materials provided to the FDFC in connection with its approval of the new bond offering. There's no word yet on what average ticket prices would be for the longer haul from Miami to Orlando (approximately 235 miles) in Phase 11. However, if we take the fares from the 2013 Louis Berger study and assume increases similar to the 2017 Louis Berger study, the numbers are probably enormously higher but proportionately similar. Timine — Other Factors to Consider With respect to timing, two factors may have come into play with respect to the hurried nature of the FDFCs October 27, 2017 decision to move forward on the $600 million PAB allocation. First, the provisional allocation that DOT granted to AAF in November 2016 is due to expire on January 1, 2018, so AAF's time was running out. Second, the draft tax reform legislation unveiled by House Republicans on November 2 includes a provision that would terminate all PABs issued after 2017. This provision was added to the comprehensive tax reform bill as one of many "offsets" needed to pay for the overall legislation. According to estimates from the Joint Committee on Taxation, eliminating PABs would increase revenues by $38.9 billion over 10 years. The Republican tax reform bill still has a long way to go before being enacted, and the provision eliminating PABs could certainly be altered or eliminated as the measure makes its way through the legislative process. However, its inclusion—and the possibility that AAF got wind of it before the tax bill was officially unveiled—could explain why AAF moved into "hurry up" mode, in order to be one of last entities ever to be able to take advantage of the crony capitalist loophole that House Republicans are seeking to eliminate. Tallahassee Review CARE FL, Indian River County and Martin County appreciate JLAC's efforts to review this issue, including the OPPAGA review of FDFC practices. We urge these entities to continue to investigate the questionable practices of the FDFC, using the AAF PAB issue as a case study. Please do not hesitate to contact us if we can provide you with additional information or answer any questions, 1yf- / "2—