january 6, 2011. redifit program background $5 million revolving loan fund established by the idaho...
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January 6, 2011
Background $5 million revolving loan fund established by
the Idaho State Legislature in 2006
Transferred to ISDA in 2007
First loans were approved in December 2007
Three projects totaling $3.8 million have been funded or are currently approved
Current fund balance is $2.3 million. Funds available for loans is less
Purpose
To provide low interest loans for qualified rural projects for the development and preservation of intermodal rail and truck services and facilities
Title 49, Chapter 29, Idaho Code
Eligible Applicants Qualified lines
•Class III short lines•Branch lines of class I railroads leased or
operated by a class III railroad•Branch lines of class II railroads•Lines owned by public entities including
port districts and intermodal commerce authorities
Freight Shippers
Eligible Projects Rehabilitating, or improving railroad equipment
necessary to maintain essential rail service Purchasing or rehabilitating railroad equipment
necessary to maintain essential rail service Construction of loading or reloading facilities or
other capital improvement including building or improving local transportation infrastructure, to increase business and commerce, and to improve shipping service
Coordinating intermodal truck and rail traffic for integrated rural freight transportation
Approved Projects EIRR Pacific Ethanol Project – Burley, Idaho
• An upgrade to 1.2 miles of track along with six integral switches to support the new Pacific Ethanol plant in Burley. The upgrade replaced 70# rail that was in place since the railroad was built in 1911 with 100# rail or larger.
EIRR Minidoka Relay Project – Between Rupert & Minidoka, Idaho • An upgrade to sections of rail line between Rupert and
Minidoka that were 76 years old or more. Every car that links to the UP line must travel on this section, representing 68% or $9.2 million dollars.
EIRR Northside Relay Project – West of Rupert, Idaho • An upgrade of a section of rail west of Rupert.
Maximum term not to exceed 15 years
No maximum loan size, loans are based on availability of revolving funds
Loan terms & interest rates • Up to 3 years: 2%• 3 to 8 years: 3%• 9 to 15 years: 4%
Loan funds cannot be used for operating costs
Loan up to 90% of total project costs
Sufficient collateral is required (letter of credit, first lien on assets, etc)
Applicant must have good standing in all Idaho obligations
No prepayment penalties
Statue specifies:As interest funds allow, authorize matching grants not to exceed one hundred thousand dollars ($100,000) per grant for planning and development of intermodal commerce authorities.
May be for the planning and development of either a new or existing Intermodal Commerce Authority
Application Process Obtain REDIFiT loan and grant information
and applications online at www.agri.idaho.gov
Submit full application and all documentation to ISDA according to quarterly deadlines:
February 11, 2011 May 13, 2011 August 12, 2011 November 10, 2011
•Grant applications: annual deadline: Last business day in May each year
Program Administration Administered by the Idaho State
Department of Agriculture (ISDA) in cooperation with the Interagency Working Group
Interagency Working Group is composed of 8 members:
4 Idaho Transportation Department 3 Idaho Department of Agriculture 1 Idaho Department of Commerce
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