PERU, Ill.--(BUSINESS WIRE)--The City of Peru, Illinois and OmniTRAX, Inc., one of the largest privately held transportation service companies in North America and an affiliate of The Broe Group, are the recipients of an Illinois Competitive Freight Program grant from the Illinois Department of Transportation (IDOT). The grant will help fund the Peru Intermodal, Safety, Congestion, and Energy Security Project (PISCES) to improve and enhance safety and security of the OmniTRAX-managed Peru Industrial Railroad (PIR).
Administered by IDOT using federal funds, the Illinois Competitive Freight Program is designed to implement the goals of the Illinois State Freight Plan to improve safety, boost efficiency and grow the economy. PISCES was the only railroad project selected to receive funding from IDOT's flow-down money created by the reauthorization of the National Highway Freight Program.
“We have been working closely with the City of Peru for several months to ensure the project meets everyone’s goals of a safer rail line that is positioned to grow in support of the local economy. We appreciate the efforts of Mayor Scott Harl and his team and look forward to making this project a reality that will dramatically improve the community,” said Kevin Shuba, CEO of OmniTRAX.
PISCES is expected to cost of $4.4 million, based on engineering plans and design work undertaken by the City of Peru and OmniTRAX. The Illinois Competitive Freight Program funds will cover 60% of project costs and OmniTRAX and the City of Peru will cover the remaining 40%.
“The City of Peru is committed to building public-private partnerships that benefit our region and the investment we’re making with the Peru Industrial Railroad is a great example of that. When complete, this project will make it safer and easier for companies to do business in and around the City of Peru,” said Peru Mayor Scott Harl.
PIR operates a small but vital 3 miles of track in Peru, providing switching services for the Peru Industrial Park, part of the City of Peru Enterprise Zone. The rail line interchanges with OmniTRAX-managed Illinois Railway and BNSF.
About OmniTRAX, Inc.
As one of North America’s largest private railroad and transportation management companies, OmniTRAX's core capabilities range from providing management services to railroad and port services and to intermodal and industrial switching operations. Through its affiliation with The Broe Group and its portfolio of managed companies, OmniTRAX also has the unique capability of offering specialized industrial development and real estate solutions, both on and off the rail network managed by OmniTRAX. More information is available at www.omnitrax.com.
About The Broe Group
Based in Denver, The Broe Group and its affiliates form a privately-owned, multi-billion dollar real estate, transportation, energy and investment organization with assets owned and managed across North America. Together, Broe managed companies employ more than 1,000 people and provide employment for thousands of others through operations such as its Great Western Industrial Park in Northern Colorado. Its transportation affiliate, OmniTRAX, Inc., is one of North America’s largest private railroad and transportation management companies specializing in: management services, railroad and port services, intermodal solutions and industrial switching operations. Its energy affiliates include Great Western Oil & Gas Company, the largest private operator in the third most prolific U.S. basin. Broe Real Estate Group acquires, develops and manages office and industrial properties, medical office buildings and multi-family communities across the country, including premier assets in many of the most desirable markets. The Broe Group also has multiple investment affiliates, including Three Leaf Ventures, which is focused on innovative healthcare technology start-ups. For more information, visit broe.com.