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Archive for Great Smoky Mountain Railway

Jackson County Commission Takes Additional Step Toward $700,000 Train Loan

 

County Commission Letter of Intent

County Commission Letter of Intent

During today’s regularly scheduled County Commission meeting, Jackson County Commissioners voted on and released a written statement declaring their intent to continue negotiating with Great Smoky Mountain Railway (GSMR) on a proposed $700,000 loan/grant. The vote came after a scheduled public hearing in which citizens, both in favor of the proposal and against, were given the opportunity to address the Commissioners. The letter released by the commissioners said, “Swain County has already entered into an agreement with GSMR of a similar amount, and it is anticipated that the fund provided by each County, totaling up to $1.4 million, together with any additional funds provided by GSMR will be sufficient to 1) locate two turntables – one in Dillsboro and one in Bryson City; 2) expand the maintenance garage in Dillsboro; and 3) rebuild the Steam Engine”, thus suggesting that the Board is leaning toward joining Swain County in loaning and/or granting the requested $700,000. The letter even spelled out the initial frame work under which the loan or grant may be given, including a 36 month period for the project, and benchmarks for the creation and sustainment of local jobs. The written statement concluded by saying, “The Agreement will also set forth the manner in which the loan may be repaid and/or forgiven, and the type and amount of collateral pledged as security.”