Rail Authority to spur economic growth could be in the works - KOTA Territory News

Rail Authority to spur economic growth could be in the works


Pennington County Commissioners will be discussing a new way of boosting economic development, without being liable for any defaulted loans.
Through creating the Rushmore Regional Rail Authority local industries could borrow state funds through the Authority for additional railroad spurs.

Back in June Deadwood Biofuels suggested the creation of the Authority to do just that.

But, if a company were to default on the loans, the Rail Authority would have the power to levy a tax to recoup the money.
"Anyone who's responsible with tax payer money is going to be a little cautious and I respect that. But the history, the track record of these things has been really good throughout the state. The 27 authorities that exist have never had to raise taxes or levy a new tax," says Benjamin Snow, President of the Rapid City Economic Development Partnership.
Pennington County Commissioners have agreed to discuss the issue, but say the want to try and find a way where Pennington County isn't liable.

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