Michigan Railroad Recieves 17 Million Dollar Loan (July 15, 2010)
(Owosso, Mich. July 12, 2010) Great Lakes Central Railroad together with Federated Railways and Federated Railcars was recently granted a 17 million dollar loan through the Railroad Rehabilitation & Improvement Financing (RRIF) Loan Program managed by the Federal Railroad Administration. The loan proceeds will primarily be used to purchase track equipment and locomotives. It will also be used to rehab existing maintenance facilities and upgrade approximately one mile of Great Lakes Central Railroad (GLC) track to handle 286,000 pound loads for a grain shipper and to retire existing debt from past improvement projects.
GLC is Michigan’s largest regional, and only Class II, railroad, with 400 miles of track stretching through Central and Northern Michigan. Formerly known as Tuscola Saginaw Bay Railway, the railroad was re-named Great Lakes Central Railroad after its purchase by Louis P. Ferris, Jr. in March 2006. The main offices and principal maintenance facilities are located on a 40-acre site in Owosso, Michigan.
GLC provides dependable, integrated transportation benefits to a growing customer base throughout Michigan. Their financial stability has allowed them to retain jobs and create new positions, as well as offer competitive freight rates in conjunction with rail partners throughout North America. The railroad is working closely with the Michigan Department of Transportation (MDOT), Washtenaw and Livingston counties to start a commuter run between Howell/Brighton and Ann Arbor, branded as WALLY.
Great Lakes Central Railroad is dedicated to supporting community goals for transportation efficiencies through its forward thinking and development planning. GLC contributes to a stronger Michigan economy by efficiently serving and supporting its freight customers and future commuter ridership.
For questions, please visit www.glcrailroad.com or contact Mike Bagwell, President and Chief Executive Officer of GLC at (989) 725-6644 x104.
