The North Carolina Railroad Company (NCRR) paid a $15.5-million dividend to the state of North Carolina on December 20, 2013 to be designated for a freight rail and safety fund to support the state's economic development efforts.
“We look forward to continuing to work with the state Department of Transportation and Department of Commerce on future investments in freight rail and improving the economy in this new, statewide program,” said NCRR President Scott Saylor. “And we remain committed to our mission to develop the unique North Carolina Railroad corridor for the good of the people of North Carolina.”
The N.C. General Assembly enacted a new measure during its 2013 session for NCRR to issue dividends for the new statewide freight and safety rail fund. NCRR receives its revenue from its long-term lease agreements and does not receive state appropriations.
NCRR, which owns and manages a 317-mile corridor, invests its revenue in capital improvements, including bridges, underpasses, new tracks, upgraded signaling and passing tracks. Since 2000, the railroad has invested more than $69 million in capital improvements and has committed to invest an additional $60 million in capital improvements through 2017.