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News Release
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June 26 , 2006 |
For more information, contact:
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Iowa Railway Finance Authority approves project funding
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Iowa Railway Finance Authority |
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Railroad Revolving Loan and Grant Program |
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Applicant |
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Grant |
Loan |
Total |
Branchline Assistance Projects |
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CRANDIC Smith-Dow |
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$0 |
$360,000 |
$360,000 |
Sub Total |
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$0 |
$360,000 |
$360,000 |
Industrial Service Projects |
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Cascade Lumber |
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$214,000 |
$320,000 |
$534,000 |
Marco Group |
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$22,500 |
$0 |
$22,500 |
Iowa Cold Storage |
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$120,000 |
$259,500 |
$379,500 |
Ajinomoto Heartland |
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$18,000 |
$0 |
$18,000 |
Metzler Automotive |
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$60,000 |
$0 |
$60,000 |
Ryerson & Son, Inc. |
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$30,000 |
$0 |
$30,000 |
BJR Mount Pleasant |
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$18,000 |
$0 |
$18,000 |
Dunkerton Co-op |
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$18,000 |
$0 |
$18,000 |
Sub Total |
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$500,500 |
$579,500 |
$1,080,000 |
Bio-Energy Projects |
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Absolute Energy |
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$246,000 |
$254,000 |
$500,000 |
Iowa Renewable Energy |
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$168,000 |
$132,000 |
$300,000 |
Green Plains Renewable |
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$126,000 |
$154,000 |
$280,000 |
Sub Total |
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$540,000 |
$540,000 |
$1,080,000 |
Industrial Park/Economic Development Projects |
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Eastern Iowa Ind. Center |
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$450,000 |
$310,791 |
$760,791 |
Lincoln Way Railport |
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$90,000 |
$229,209 |
$319,209 |
Sub Total |
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$540,000 |
$540,000 |
$1,080,000 |
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PROGRAM TOTALS |
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$1,580,500 |
$2,019,500 |
$3,600,000 |
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.
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