North Central Iowa Rail Corridor Serves Development in Forest City, Klemme, Garner and Goodell
On November 21, 2011, Winnebago Cooperative Telecom Association (WCTA) of Lake Mills joined officials of the Forest City Economic Development Corporation, their development partners, and Governor Terry Branstad for the ribbon cutting of the $2M North Central Iowa Rail Corridor (NCIRC) project. NCIRC acquired the 27.6-mile rail line between Forest City and Belmond from Union Pacific.
Project funding included a $600,000 interest-free, pass-through loan from USDA, secured by WCTA. Ripple Effect helped WCTA complete and submit its loan application. NCIRC also raised private equity investment for the project from local investors including Communications 1 in Kanawha.
Cedar Rapids-based Iowa Northern Rail Company operates the rail service for NCIRC, serving development sites in Forest City, Klemme, Garner and Goodell. Forest City Economic Development serves as the Managing Member of NCIRC and was the lead entity in the equity offering and loan applications.
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