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$400,000 loan given to North Iowa company


This news story was published on November 9, 2011.
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AMES, Iowa – Nov. 8, 2011 – The Iowa Transportation Commission (Commission) today approved more than $5.5 million in funding for nine rail infrastructure improvement projects under the Railroad Revolving Loan and Grant (RRLG) Program.

The rail projects are expected to support the creation of 140 jobs within three years of completion, and spur development of a number of industrial areas across the state. The proposed developments will leverage millions in new capital investments across the state.

In North Iowa, one company received funds:

North Central Iowa Rail Corridor, LLC (Forest City to Belmond), received a $400,000 loan.

According to progressiverailroading.com, “North Central Iowa Rail Corridor L.L.C. recently signed a purchase agreement with Union Pacific Railroad to acquire a 28-mile line between Belmond and Forest City, Iowa. UP had planned to abandon the Forest City Line, but North Central Iowa Rail Corridor — a group of private investors — sought to buy the route to serve agricultural product shippers. The line includes 600 feet of connecting track in Garner, Iowa. North Central Iowa Rail Corridor also signed a 10-year lease agreement with Iowa Northern Railway Co. to operate the line. Iowa Northern will interchange with Canadian Pacific on the route.”

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