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It didn't take long for the Federal Railroad Administration (FRA) to issue its first Railroad Rehabilitation and Improvement Financing (RRIF) loan in 2008. On Friday, the FRA announced Columbia Basin Railroad Co. (CBRC) will receive a $3 million RRIF loan.
The short line will use proceeds to purchase 73 miles of track currently leased from BNSF Railway Co. between Connell and Moses Lake, Wash. The acquisition will lower operating costs and enable the short line to upgrade track to handle heavier carloads, CBRC said.
The privately owned short line primarily moves chemicals, fertilizer components and agricultural products, such as potatoes, wheat, soybean oil, and frozen and packaged foods. CBRC recently formed the Portland Vancouver Junction Railroad, a spin off that will operate a 33-mile line between the Port of Vancouver and Chelatchie, Wash. (for more on CBRC, see Progressive Railroading's December 2007 issue, page 10 or click here).
Last year, the FRA issued RRIF loans to R.J. Corman Railroad Group, the Dakota Minnesota & Eastern Railroad Corp., Great Western Railway of Colorado L.L.C. and Virginia Railway Express — the first commuter railroad recipient. Under the RRIF program, the FRA is authorized to provide $35 billion (including $7 billion set aside for regionals and short lines) in direct loans or loan guarantees to eligible railroads, state and local governments, and government-sponsored authorities to acquire, develop, improve or rehabilitate rail or intermodal or facilities.
1/7/2008
Rail News: Rail Industry Trends
FRA OKs $3 million RRIF loan for Columbia Basin
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It didn't take long for the Federal Railroad Administration (FRA) to issue its first Railroad Rehabilitation and Improvement Financing (RRIF) loan in 2008. On Friday, the FRA announced Columbia Basin Railroad Co. (CBRC) will receive a $3 million RRIF loan.
The short line will use proceeds to purchase 73 miles of track currently leased from BNSF Railway Co. between Connell and Moses Lake, Wash. The acquisition will lower operating costs and enable the short line to upgrade track to handle heavier carloads, CBRC said.
The privately owned short line primarily moves chemicals, fertilizer components and agricultural products, such as potatoes, wheat, soybean oil, and frozen and packaged foods. CBRC recently formed the Portland Vancouver Junction Railroad, a spin off that will operate a 33-mile line between the Port of Vancouver and Chelatchie, Wash. (for more on CBRC, see Progressive Railroading's December 2007 issue, page 10 or click here).
Last year, the FRA issued RRIF loans to R.J. Corman Railroad Group, the Dakota Minnesota & Eastern Railroad Corp., Great Western Railway of Colorado L.L.C. and Virginia Railway Express — the first commuter railroad recipient. Under the RRIF program, the FRA is authorized to provide $35 billion (including $7 billion set aside for regionals and short lines) in direct loans or loan guarantees to eligible railroads, state and local governments, and government-sponsored authorities to acquire, develop, improve or rehabilitate rail or intermodal or facilities.
