Dakota, Minnesota & Eastern Railroad President Kevin Schieffer says the railroad has delivered their $2.5 billion loan request to the Federal Railroad Administration for a 90-day review period.

The 90-day period during which the agency must decide whether to grant the loan hasn't started yet, Schieffer says. "The analysis is under way on it in terms of all the financial things those guys look at," Schieffer said. "They have it, and they are working on it."

The 90-day time frame does not start until the project gets final regulatory approval from the federal Surface Transportation Board. The STB has approved the final environmental report, but it's not effective yet. When it is, a permit to build can be issued.

Another 30-day waiting period follows that action before it is effective. The FRA then will begin its deliberations on the loan.

Construction could start by June. "The goal is to start something this year," Schieffer said. "It certainly can happen."

An operations center for the revamped railroad would be built at Huron and would mean 300-500 new railroad jobs, based on traffic loads. The overall project would create 3,000 to 5,000 construction jobs over three years in Wyoming, South Dakota and Minnesota, supporters of the project have said.