NOTICE OF FUNDING AVAILABILITY: RAILROAD REVOLVING AND GRANT PROGRAM
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 this round, the program has an expected minimum of $4 million available for eligible projects.
Applications submitted by 3:30 p.m. on April 15, 2016 will be reviewed in April and May. Recommendations for funding will be presented to the Iowa Transportation Commission in June. The Commission will then act upon recommendations at their July 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 or retention commitments by the applicant. Both grants and loans are available. Grant requests require a 50% match contribution. Loan requests require a 20% match contribution.
It’s important to note that there will be two major changes to the Targeted Job Creation Program. Maximum award for grants is now $12,000 per job (was previously $6,000/job)
The cap on the loan request for the Targeted Job Creation Program has been removed (previous cap was $12,000/job).
An updated application and guidelines with the new information is available at http://www.iowadot.gov/iowarail/assistance/rrlgp.htm
2) Rail Network Improvement: These rail projects are those that support existing rail lines and service or improve industrial access when 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) Rail Port 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 tohttp://www.iowadot.gov/iowarail/assistance/rrlgp.htm.
Please submit applications and required attachments to Laura.Hutzell@dot.iowa.gov or to:
Laura Hutzell Iowa Department of Transportation Office of Rail Transportation 800 Lincoln Way Ames, IA 50010