Carbotura · Circular Advantage Program · Stage 1 · Decision BriefCarbotura · Programa Circular Advantage · Etapa 1 · Resumen Ejecutivo de Decisión

Miami-Dade County
Decision Brief
Condado de Miami-Dade
Resumen Ejecutivo de Decisión

The WTE contract award — expected within weeks — locks Miami-Dade County's primary MSW disposal pathway for 25–40 years; one action before that award preserves all optionality.

La adjudicación del contrato WTE — prevista en cuestión de semanas — bloquea el acceso primario a RSU del Condado de Miami-Dade por 25–40 años; una acción antes de esa adjudicación preserva toda la opcionalidad.

Prepared for: Miami-Dade County, FloridaPreparado para: Condado de Miami-Dade, Florida Date:Fecha: March 2026Marzo 2026 Action required: Authorize Community Feasibility StudyAcción requerida: Autorizar Estudio de Factibilidad Comunitaria

Miami-Dade County generates 4,110 TPD of municipal solid waste with no active thermal disposal facility — a direct consequence of the February 2023 RRF fire — and routes its entire primary waste stream to contracted private landfills at a verified all-in cost of $92.78 per ton. The Board of County Commissioners is expected to award a 25–40 year Waste-to-Energy Comprehensive Agreement in Q1–Q2 2026. Once executed, that contract locks the county's primary MSW disposal pathway, per-ton cost trajectory, and any competing feedstock access for its full term. The window to establish an alternative is the period between now and that award date. That window is open today. It will not remain open.


The DecisionLa Decisión

What Miami-Dade County pays today: The verified all-in contracted disposal cost is $92.78 per ton — $76.12 per ton gate rate plus $16.66 per ton transfer station fee, per the Miami-Dade DSWM Disposal Facility Fee Schedule effective October 1, 2025. The FPL/NextEra WTE proposal on the table prices a forward tipping fee of $105 per ton escalating 2.5% annually for 40 years. By 2035 under that contract, the rate reaches $134 per ton. By 2055, it exceeds $212 per ton. South Dade Landfill — the county's only owned Class I disposal facility — reaches capacity approximately 2029. There is no alternative cost ceiling in the current system.

What Carbotura offers: A 30-year Circular Offtake Agreement under which Carbotura designs, finances, builds, owns, and operates an Advanced Circular Manufacturing facility receiving county MSW at a TMC Fee of $88.00 per ton — $4.78 per ton below the verified current system cost, with zero county capital commitment. Beginning 13 months after the first TMC Fee payment, Carbotura pays the county a Circular Royalty at 120% of the Year 1 TMC Fee rate, escalating by one percentage point per year. At steady state, the Circular Royalty is designed to exceed the TMC Fee on a per-ton basis. The county's fiscal position turns net positive from Month 14 onward.

Timeline alignment: A Feasibility Study authorized in Q2 2026 (T0) delivers Phase Initial COD in Q2 2028 at 500 TPD — fully operational before South Dade Landfill reaches capacity. The first Circular Royalty payment follows in Q3 2029. Phase Medium (2,000 TPD) reaches full operations in Q4 2029. Phase Expanded (6,000 TPD, regional draw) reaches full operations in Q2 2031. Every phase is reachable on the Carbotura standard deployment schedule from a Q2 2026 T0. No phase requires anything other than the Feasibility Study to be authorized first.


Fiscal PositionPosición Fiscal

Three fiscal periods govern this engagement. They must not be combined or averaged.

Fiscal Period Breakdown — Phase Initial 500 TPD BasisDesglose de Períodos Fiscales — Base Fase Inicial 500 TPD
Year 1 — Pre-RoyaltyAño 1 — Pre-Regalía
−$88.00/ton
County pays TMC Fee of $16.06M/yr. Receives $0 Circular Royalty. Saves $4.78/ton ($0.87M/yr) vs. current FWDC of $92.78/ton. Pre-royalty period lasts 13 months.
Month 14+ — Royalty BeginsMes 14+ — Comienza la Regalía
+$15.40/ton
Circular Royalty of $105.60/ton begins. TMC Fee $90.20/ton. Net county position: +$15.40/ton · +$2.81M/yr. Rolling — each TMC payment generates a royalty 13 months later. Not an annual switch-on event.
Year 30 — CompoundingAño 30 — Capitalización
+$32.11/ton
Royalty $189.65/ton. TMC Fee $157.54/ton. Net +$32.11/ton · +$5.86M/yr. Royalty rate: 148% of TMC Fee. 30-year cumulative net: ~+$96M (Phase Initial). Zero county capital committed.

Key FactsDatos Clave
ParameterParámetroValueValorSourceFuente
Addressable feedstock — immediateMateriales disponibles — inmediato4,110 TPD · 1,500,150 TPY (MSW)ESTIMATED
Total addressable (all streams)Total disponible (todos los flujos)7,225 TPD · 2,636,125 TPYESTIMATED
Current system cost (FWDC)Costo actual del sistema (CFRD)$92.78/ton all-in contractedVERIFIED — DSWM Oct 2025VERIFICADO — DSWM oct. 2025
TMC Fee (Year 1)Tarifa TMC (Año 1)$88.00/ton · escalates 2.5%/yrESTIMATED
Gross cost displacement (Year 1)$4.78/ton · $872,350/yr (Phase Initial)ESTIMATED
Circular Royalty — Year 1$0 · Pre-royalty period lasts 13 months from first deliveryCarbotura standard
Royalty payment lag13 months after each corresponding TMC Fee payment · rolling monthlyCarbotura standard
Net county position — Year 2++$15.40/ton · +$2.81M/yr (Phase Initial 500 TPD)ESTIMATED
Net county position — Year 30+$32.11/ton · +$5.86M/yr (Phase Initial)ESTIMATED
County capital obligationZero — BOO structure, all capex CarboturaStructural
Phase Initial CapEx (Carbotura)$305,000,000 (500 TPD · 5 modules)ESTIMATED
Hard deadline — WTE contract awardExpected Q1–Q2 2026 · BCC directed negotiations Dec 2025VERIFIED
Procurement authorization deadlineBefore WTE contract execution — March 2026Derived from BCC timeline
Phase Initial CODCOD Fase InicialQ2 2028 (T0 + 24 months)Carbotura standard scheduleCronograma estándar Carbotura
First Circular Royalty paymentPrimer pago de Regalía CircularQ3 2029 (13 months after Phase Initial COD)Carbotura standard
Direct employment — Phase Initial~175 FTE permanent jobsESTIMATED
Direct employment — Phase Expanded~1,750 FTE permanent jobsESTIMATED

What Delay CostsEl Costo de la Demora

The specific instrument creating irreversibility is the long-term WTE Comprehensive Agreement currently being negotiated between Miami-Dade County and either FCC Environmental Services or the Florida Power & Light / NextEra Energy consortium — a contract with a 25–40 year term at $105/ton +2.5% annually, which will contractually direct the county's primary MSW stream to the new WTE facility for its full operational life.

If T0 slips past the WTE contract execution date, the IMMEDIATE-classified MSW stream (4,110 TPD) transitions from no contractual barrier to a 25–40 year contractual exclusion — Phase Initial loses its primary feedstock pathway, and the entire ACM engagement would require renegotiation of feedstock access from a position of no leverage.

The cost of acting now is a 90-day Feasibility Study — an analytical commitment with no capital exposure. The cost of waiting is the permanent foreclosure of a 30-year net-positive fiscal instrument on the county's largest recurring expenditure category, replaced by a $105/ton escalating disposal obligation with no royalty return mechanism and no cost ceiling.


One Action · One Decision WindowUna Acción · Una Ventana de Decisión

Authorize the Community Feasibility Study before the WTE contract is executed.Autorizar el Estudio de Factibilidad Comunitaria antes de que se ejecute el contrato WTE.

To initiate the Community Feasibility Study or request additional analysis:Para iniciar el Estudio de Factibilidad Comunitaria o solicitar análisis adicional:

info[at]carbotura.com
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This document contains forward-looking projections and estimates based on Carbotura standard parameters, verified public data, and assumptions stated herein. Financial figures marked ESTIMATED are projections, not guarantees. VERIFIED figures derive from published government sources identified above. Projections are subject to change upon Feasibility Study completion. This document does not constitute a binding offer or commitment. All material terms are subject to negotiation and execution of a definitive Circular Offtake Agreement. Carbotura, Inc., March 2026.