News Release

Print Friendly and PDF

More than $3.1 million made available through Iowa’s Railroad Revolving Loan and Grant Program

December 14, 2010

AMES, Iowa – Dec. 14, 2010 – The Iowa Transportation Commission (Commission) approved more than $3.1 million in funding for four rail infrastructure improvement projects under the Railroad Revolving Loan and Grant Program (RRLGP). The rail projects are expected to support the creation and retention of more than 300 jobs within the next two years, and spur the development of an industrial park in eastern Iowa. The proposed developments will leverage millions in new capital investments across the state. 

Following is the list of RRLGP projects approved by the Commission. 

Project

Loan

Grant

1.  Eastern Iowa Industrial Center (Davenport)*

$             0

$ 2,000,000

2.  Adams County Rail (Corning)

$             0

$    879,461

3.  Nypro Kánaak (Mount Pleasant)

$ 122,839

$      51,183

4.  Lomont Molding Inc. (Mount Pleasant)

$ 110,848

$               0

 Total

$ 233,687

$ 2,930,644

*Direct legislative appropriation 

The RRLGP provides assistance to rail facilities that create jobs and spur economic development, and provides assistance to railroads for the preservation and improvement of the rail transportation system. Applications may be submitted at any time and are reviewed as funding is available. 

#

Contact: Roselyn Wazny at 515-239-1066 or roselyn.wazny@dot.iowa.com


Iowa highway in the evening