The Railroad Revolving Loan and Grant (RRLG) Program provides financial assistance to improve rail facilities that will create jobs, spur economic activity and improve the rail transportation system in Iowa. The program is funded through appropriations from the state legislature and repayments from loans for rail development projects funded in the past. For state fiscal year 2015, the program has an expected minimum of $4,000,000 available for eligible projects.
Like last year, the RRLG program will also be offering grants for rail port planning and development studies. A minimum of $200,000 will be available for planning and development studies.
Applications submitted by 3:30 p.m. on June 26, 2014 will be reviewed in July-August. It is expected that the Iowa Transportation Commission will act upon recommendations at their October meeting.
The RRLG program has three funding categories under which eligible applicants may apply:
1) Targeted Job Creation: These rail projects are those that provide immediate, direct job opportunities. Funding is contingent on job creation and retention commitments by the applicant. Both grants and loans are available. Grant requests require a 50% match contribution to the overall rail project cost. Loan requests require a 20% match contribution.
2) Rail Network Improvement: These rail projects are those that support existing rail lines and service. No direct job creation is required. Only loans are available in this category. Loans will be offered at 0% for a ten year term. Loan requests require a 20% match contribution.
3) RailPort Planning and Development: These studies will further efforts to plan, design and otherwise prepare for the development of rail port facilities. Grants will be available in this category. Grant requests require a 20% match contribution. No single award may be greater than $100,000.
Industries, railroads, local governments or economic development agencies are eligible to apply.
For detailed information on the Railroad Revolving Loan and Grants program and how to apply, please refer to http://www.iowadot.gov/iowarail/assistance/rrlgp.htm
Please submit applications and required attachments to Laura.Hutzell@dot.iowa.gov or to:
Iowa Department of Transportation
Office of Rail Transportation
800 Lincoln Way