Home Open Account Help 290 users online

Passenger Trains > Ed Ellis(Iowa Pacific Holdings) starts another railroad


Date: 04/11/11 16:04
Ed Ellis(Iowa Pacific Holdings) starts another railroad
Author: GenePoon

Warren County (NY), railroad operator agree to contract
The Post Star, Glen Falls NY
by DON LEHMAN April 7, 2011

> Warren County (NY) and the town of Corinth will take in a minimum of nearly $82,000 in the first year of their contract with a new
> railroad operator for the county railroad, and the county and town could take in as much as $190,000 a year, depending on the amount of
> revenue. The guaranteed minimum from the tentative contract with IowaPacific Holdings is more than four times what the county took in last
> year ($19,800) from the Upper Hudson River Railroad.
>
> After nearly two hours of review, a 31-page tentative agreement was unanimously approved Thursday during a meeting of the county Board of
> Supervisors Public Works Committee. The full Board of Supervisors will review the contract at its April 15 meeting.
>
> Ed Ellis, president of Iowa Pacific, said the company hopes to begin train service on the line July 1.
>
> Among the notable parts of the agreement:

> * The railroad will be known as Saratoga and North Creek Railway LLC.
>
> * The county plans to set up a "public authority" to oversee the tracks.
>
> * The county and town of Corinth will get 6 percent of the gross revenue from the railroad, with a minimum of $81,958 in the first
> year up to $190,000 if revenues warrant.
>
> * Iowa Pacific will pay taxes on the line (about $14,000 a year) and maintenance costs for infrastructure failures that cost less than
> $50,000 to repair.
>
> * Iowa Pacific guarantees a minimum of 100 tourist train runs a year, at least 30 ski trains, at least 50 dining trains, a Polar Express
> train and at least one "Thomas the Tank Engine" event. The prior operator had cut trips back by 50 percent last year, and ran fewer
> than 50.
>
> * No hazardous or toxic materials can be moved on freight trains without consent of the county.
>
> * The county has agreed to put five-sixths of its revenue from the first year into a reserve fund for major track repairs of over $50,000.

The line is an ex-Delaware and Hudson branch.

Full story:

http://poststar.com/news/local/3011cb3c-613c-11e0-9643-001cc4c03286.html



Edited 3 time(s). Last edit at 04/11/11 16:17 by GenePoon.



Date: 04/11/11 18:04
Re: Ed Ellis(Iowa Pacific Holdings) starts another rail
Author: eee

Hey, Gene, thanks for noticing.

Ed




Date: 04/11/11 20:15
Re: Ed Ellis(Iowa Pacific Holdings) starts another rail
Author: EMDSW-1

Given Iowa Pacific's track record, don't think a "public authority to oversee the tracks" is necessary unless they expect to learn something about running a rail;road from Mr. Ellis!

Dick Samuels
www.oregonpacificrr.com



Date: 04/12/11 04:41
Re: Ed Ellis(Iowa Pacific Holdings) starts another rail
Author: co614

Congratulations to Ed Ellis and his team for creating an imaginative approach to this property that has lots of long term potential.

Let's all wish them the best of success!!

Ross Rowland



[ Search ] [ Start a New Thread ] [ Back to Thread List ] [ <Newer ] [ Older> ] 
Page created in 0.0822 seconds