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2/25/2021
Rail News: Short Lines & Regionals
South Dakota DOT finalizes sale of MRC Rail Line
South Dakota Department of Transportation (SDDOT) officials announced yesterday they've finalized the sale of the Mitchell to Rapid City (MRC) Rail Line to Ringneck and Western Railroad LLC for $13 million.
The South Dakota State Railroad Board recently authorized the department to complete the sale. The purchase price will be paid to the department, with $5 million paid at closing and the remaining balance paid in equal installments of $1.6 million over the next five years, SDDOT officials said in a news release.
Watco Cos. LLC will operate the Ringneck and Western, which will take over the MRC rail operations upon closing. Shippers will receive a $25 reduction in the current $50 surcharge per loaded rail car. After the purchase, the railroad has committed to spend at least $2 million on track maintenance per year over the next 10 years, SDDOT officials said.
Ringneck and Western has also agreed to work with the SDDOT to complete construction of a siding near Kimball.
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