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DOT outlines rail loan fund terms and current balance; seven active loans, $13M uncommitted
Summary
Deputy director Chad Orrin told the committee the department’s rail loan fund is a revolving account with a current uncommitted balance of roughly $13,000,000, maximum loan size of $5,000,000 and three loan varieties: a 0% system‑critical loan for short lines, a half‑prime infrastructure loan, and a 70% economic‑development loan.
Chad Orrin, deputy director for planning at the North Dakota Department of Transportation, gave committee members an overview of the department’s rail loan fund, including program categories, terms and current balances.
Orrin said the rail loan program offers three types of loans: a system‑critical product (0% interest, up to 80% of eligible costs, repayment in up to 15 years) available to short‑line operators; an…
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