The State of Washington has two Rail Assistance programs:
The Rail Bank
Rail Bank Application 2008 (pdf 304 kb)
The Rail Bank is a loan program authorized by the Washington State Legislature. The program was created to promote economic development through the advancement of freight rail activities. The goal of the Rail Bank is to assist with the funding of smaller capital rail projects that help improve freight movement by rail throughout the state.
- In the 2007-2009 biennium, the legislature allocated $2.5 million to this program.
- This is a loan program and is open to organizations in the public sector only, as loans to the private sector are outside the constitution of the state.
- The maximum loan is $250,000 and all applicants have to prove a minimum 20% match.
- It is anticipated that there will be $5 million allocated to this program in the 2009-2011 biennium.
Freight Rail Assistance Program
Freight Rail Assistance Application 2008 (pdf 272 kb)
The Freight Rail Assistance Program is a program that provides loans and grants directed toward large projects where it is difficult to gain a contribution and where the rail location or the project concerned is of strategic importance to the state as well as the local community.
- This program provides $2.5 million in loans and grants per biennium.
- It is not restricted in the size of award.
- This is a loan and grant program and is open to organizations in the public sector only, as loans to the private sector are outside the constitution of the state.
- Projects must be shown to maintain or improve the freight rail system in the state and benefit the state’s interests.
Both programs are administered by WSDOT and require the applicants to provide a business plan for the project and are subject to a cost/benefit calculation to ensure that they are cost effective. The criteria is slightly different with the Rail Bank as the application process allows the applicant to self score 80% of their marks which are based on such things as their own contribution and number of additional jobs that the project will bring to the area.
All criteria in the Freight Rail Assistance program is scored by WSDOT acting with the Washington State Department of Community, Trade and Economic Development (CTED) and covers aspects of environmental improvements (aimed at achieving the Governors greenhouse gas emissions mission), transference of traffic from road to rail modes, and economic impact to the state as a whole.
In the most recent biennium there were 12 projects submitted to the Rail Bank and 27 projects that were submitted to the Freight Rail Assistance program.
A call for projects for the next biennium is open. The deadline for submission is September 5, 2008.