A group of Utah counties is poised to issue $2 billion in tax-exempt bonds to finance the construction of an 85-mile oil-hauling rail spur out of the Uinta Basin.
The notice indicates the project’s cost estimates have soared to $2.9 billion, a doubling over previous estimates of $1.2 billion to $1.5 billion.
“Even though the coalition will be a sponsor, it will be the private entities that are 100% on the hook and there is no liability washing back on the coalition,” Johnson told the coalition board at its Feb. 9 meeting. While oil is the reason the railway is being built, it will be a common carrier operated by Rio Grande Pacific available to haul other freight.
The railroad is the coalition’s first big project to win approval, with construction to begin next year.
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