Mark Dayton: “I have arisen previously to talk about a proposal of the DM&E Railroad to reconstruct its rail line across southern…”

“I have arisen previously to talk about a proposal of the DM&E Railroad to reconstruct its rail line across southern Minnesota in order to run up to 36 unit coal trains, rail cars containing grain and other agricultural products, and possibly shipments of hazardous materials. The DM&E is presently seeking a $2.5 billion low-interest loan from the Federal Railroad Administration for this project, which the company initially said would be financed to the private capital markets. Evidently unable to attract that necessary financing, DM&E has now turned to the American taxpayer to assume the enormous financial risk that such a project entails. If the project were to be successful, the financial benefits would go to DM&E's executives and investors. If the project were to fail, the losses would be paid by American taxpayers. It is for that reason that I have urged the Administrator of the Federal Railroad Administration and the U.S. Secretary of Transportation, who have the ultimate decision-making authorities, to exercise all necessary due diligence before their decisions about this enormous financing. Previously, I have also expressed the strongest possible concern about DM&E's intention to run this rail line through downtown Rochester, MN, and immediately adjacent to the world-renowned Mayo Clinic. Mayo Clinic and Rochester City officials vehemently oppose DM&E's intended route and maintain that it would be catastrophic to their clinic and their city. I agree.…”