Rail Consulting & Grant Writing Case Studies

National Rail Consulting Group’s clients include Class Is, regionals, and commuter railroads spanning North America. As an example of our work, learn more about the rail and grant writing services we’ve performed for Apache Railway Company, Colebrookedale Railroad, and the Northern Indiana Transportation Commuter Network, among others, below.

Apache Railway Company – Net Liquidation Valuation & Locomotive Appraisal

Key leadership at NRCG has worked closely with the Apache Railway since 2015 to assist it with a variety of valuation, financing, and appraisal services. The Apache Railway story is one of resiliency, tenacity, and true western grit, as can be read in the following Trains Magazine article penned by NRCG Managing Partner Davidson Ward in 2020 [link].

That said, Davidson Ward, in his previous position with R.L. Banks & Associates, assisted the APACHE RAILWAY (“APA”) in a long battle to pursue a traditional RRIF loan financing to support the acquisition of the rail line. The process was arduous and, ultimately, denied by FRA. Ward has maintained a positive and close relationship with the railroad since, and the APA was ultimately able to pursue a combination of private capital and equity investment to save the railroad.

When the Apache Railway sought to have an updated asset valuation appraisal completed, they reached out to NRCG to provide that service. Our firm completed an updated desktop Net Liquidation Valuation (“NLV”) of the rail line as well as a Fair Market Value (“FMV”) appraisal of the APA’s fleet of ALCO diesel-electric locomotives. The report was completed on time and under budget for the APA ownership group.

The leaders of NRCG are experienced in all manner of rail valuation, including Going Concern Valuations, Net Liquidation Valuations, Equipment Appraisals, condition assessments, and related services. These services have been employed by our key staff to support transaction due diligence, rail corridor preservation, locomotive fleet planning, and strategic railroad planning. Our key leaders have appraised dozens of railroads, more than $1 billion of railroad rolling stock, and have inspected thousands of miles of rail lines.

Colebrookdale Railroad Strategic Partnership – Grant Writing, RRIF Loan Support and Railroad Strategic Planning

Our longest-term, most successful projects are ones where NRCG is able to interact with its clients as peers, and vice versa. In these scenarios, NRCG often observes areas for improved operations, equipment, or business development opportunities, and the relationship between consultant and client acts as a strategic partnership.

One such example is our work with the REDEVELOPMENT AUTHORITY OF THE COUNTY OF BERKS (Pennsylvania) and its tenant COLEBROOKDALE RAILROAD (“CRR”). Our work began as an economic advisory in support of a RRIF loan application, and we have grown that relationship to a strategic partner and grant writer, having written and successfully won a $14.7 million CRISI grant to minimize their RRIF loan requirements, as well as assisting them with railroad mechanical and strategic planning needs. Subsequent to that CRISI Grant award, NRCG also aided the CRR in applying for an FRA Grade Crossing Safety Grant, which was awarded to CRR and RACB to the tune of $16 million in 2023.

This relationship began initially in 2020 when NRCG was retained to perform a series of economic studies on behalf of the REDEVELOPMENT AUTHORITY OF BERKS COUNTY PENNSYLVANIA and the EASTERN BERKS GATEWAY RAILROAD in support of a proposed rehabilitation of the railroad. NRCG developed an integrated pro-forma financial model and performed market and cost analyses associated with the RRIF loan application. This work laid the ground work for the subsequent structuring of the aforementioned CRISI Grant Application, which NRCG completed in house, including the detailed Benefit Cost Analysis.

In the three years NRCG has been assisting CRR and RACB, our firm has been able to successfully solicit $30 million in grant funding and aid in the strategic planning required to support those applications.