Iowa Railway Finance Authority approves project funding
October 24, 2007
Included in the program is funding for rail improvement projects at seven bio-energy plants, one industrial development center, and one industrial service site. Listed below are the approved projects.
| Applicant
|
Grant
|
Loan
|
Total
|
|
|
| CR Terminal - Iowa Northern RR
|
$36,000
|
$206,000
|
$242,000
|
| Iowa Traction RR
|
$0
|
$38,000
|
$38,000
|
| Sub Total
|
$36,000
|
$244,000
|
$280,000
|
|
|
| Norfolk Iron & Metal
|
$810,000
|
$30,000
|
$840,000
|
| Sub Total
|
$810,000
|
$30,000
|
$840,000
|
|
|
| Big River Resources
|
$75,000
|
$0
|
$75,000
|
| Homeland Energy
|
$0
|
$25,000
|
$25,000
|
| Oregon Trail Energy
|
$75,000
|
$0
|
$75,000
|
| Prairie Creek Ethanol
|
$75,000
|
$0
|
$75,000
|
| Raccoon Valley Biodiesel
|
$50,000
|
$0
|
$50,000
|
| Unity Ethanol - Cedar River
|
$0
|
$270,000
|
$270,000
|
| Unity Ethanol - Ottumwa
|
$159,000
|
$111,000
|
$270,000
|
| Sub Total
|
$434,000
|
$406,000
|
$840,000
|
|
|
| LincolnWay Railport
|
$120,000
|
$720,000
|
$840,000
|
| Sub Total
|
$120,000
|
$720,000
|
$840,000
|
|
|
| PROGRAM TOTALS
|
$1,400,000
|
$1,400,000
|
$2,800,000
|
The Railroad Revolving Loan and Grant Program was established in 2005 for the purpose of providing funding assistance for the improvement of rail facilities that support economic development and job growth. The program is funded by existing loan repayments and appropriation. The program is administered by the Iowa Railway Finance Authority, an independent board staffed by the Iowa Department of Transportation.