BRADENTON, Fla. - The Florida Department of Transportation yesterday said it had reached agreement on the business terms of a concession contract with the consortium Miami Access Tunnel to design, build, finance, operate, and maintain the $1.2 billion Port of Miami Tunnel project.

The project now has reached commercial close but it must meet yet another critical and final deadline and reach financial close by Oct. 1. A commercial close is the initial step leading to a financial close and means the parties have agreed to the terms for MAT to pursue final financing of the project.

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