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Rail News: Rail Industry Trends
8/1/2011
Rail News: Rail Industry Trends
Iowa DOT seeks applicants for rail funding program
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The Iowa Department of Transportation (IDOT) is seeking applicants for a minimum of $3.25 million available in funding through the Rail Revolving Loan and Grant Program.
Applications will be accepted until Aug. 11 for eligible projects in two categories: targeted job creation and rail network improvement.
“Targeted job creation” projects would provide “immediate and direct job opportunities,” according to IDOT. Grant requests require a 50 percent local contribution and loan requests require a 20 percent local contribution toward overall rail project costs.
“Rail network improvement” projects would support existing rail lines and service, and no direct job creation is required, according to IDOT. Only program loans are available in the category — offered at zero percent interest for a 10-year term — and a local 20 percent contribution is required.
Railroads, industries, local governments and economic development agencies are eligible to apply for Rail Revolving Loan and Grant Program funds.
Applications will be accepted until Aug. 11 for eligible projects in two categories: targeted job creation and rail network improvement.
“Targeted job creation” projects would provide “immediate and direct job opportunities,” according to IDOT. Grant requests require a 50 percent local contribution and loan requests require a 20 percent local contribution toward overall rail project costs.
“Rail network improvement” projects would support existing rail lines and service, and no direct job creation is required, according to IDOT. Only program loans are available in the category — offered at zero percent interest for a 10-year term — and a local 20 percent contribution is required.
Railroads, industries, local governments and economic development agencies are eligible to apply for Rail Revolving Loan and Grant Program funds.
