Iowa panel OKs $3.1 million in rail project loans, grants

The Iowa Transportation Commission has approved more than $3.1 million in funding for five rail infrastructure and development projects under the state's Railroad Revolving Loan and Grant program.

The projects are expected to support the creation and retention of 136 jobs within three years of project completion. The proposed developments will leverage millions in new capital investments across the state, according to a press release issued by the Iowa Department of Transportation.

The total recommended funding amounts to $1.5 million in loans and $1.6 million in grants.

Targeted job creation projects receiving funds are:
• Union Pacific Railroad's rail improvements at Quaker Oats, which received a $1,028,000 grant;
• Pattison Sand Co., which received a $271,732 loan and $564,000 grant; and
• Heartland Goodwill Enterprises, which received a $462,456 million loan and $48,000 grant.

Rail network improvement projects receiving funds are:
• Farmers Feed and Grain's rail improvements, which received a $660,750 loan; and
• Keokuk Junction Railway yard enhancements, which received a $151,925 loan.