Fortress Transportation and Infrastructure’s Wholly-Owned Long Ridge Energy Terminal Awarded a $20 Million Federal Grant fo...
December 10 2018 - 6:50AM
The following press releases from certain members of Congress were
recently released to announce a $20 million federal grant for rail
and pipeline infrastructure improvements at the Long Ridge Energy
Terminal, wholly-owned by Fortress Transportation and
Infrastructure Investors LLC.
Brown Announces $20 Million in Federal Funding for
Monroe County Infrastructure Project Funds will
Support Economic Development Efforts in Hannibal, OhioThursday,
December 6, 2018
U.S. Sen. Sherrod Brown (D-OH) today announced $20 million in
new federal funding for the town of Hannibal, Ohio to invest in its
rail transloading project. This funding will allow the Ohio Rail
Development Commission to construct a railyard and pipeline
facility in order to increase the Long Ridge Energy Terminal’s
capacity and connect it to existing rail infrastructure. This will
give the area’s energy exports, including natural gas, better
access to global markets. Brown wrote to the Department of
Transportation in July in support of this project.
“When our rural communities have up-to-date infrastructure, it
helps them grow and support local jobs,” said Brown. “This
project will have a significant economic impact on Hannibal and
across Southeast Ohio.”
The project will construct a pipeline-to-rail transloading
facility at an energy terminal including truck racks with unloading
bays, ladder tracks connecting to the recently constructed loop
track, and rail loading arms.
The funding for the project was made available through the
Department of Transportation’s (DOT) through the Better Utilizing
Investment to Leverage Development (BUILD) Transportation
Discretionary Grants program.
Brown serves as Ranking Member on the Senate Banking, Housing
and Urban Affairs Committee, which oversees public transit.
In March, he unveiled a new infrastructure proposal that would
expand infrastructure investments through the TIGER Grant Program,
now called the BUILD program.
BUILD Transportation grants replace the pre-existing
Transportation Investment Generating Economic Recovery (TIGER)
grant program. FY 2018 BUILD Transportation grants are for
investments in surface transportation infrastructure and are to be
awarded on a competitive basis for projects that will have a
significant local or regional impact. BUILD funding can support
roads, bridges, transit, rail, ports or intermodal
transportation.
Portman Announces Monroe County Awarded $20 Million
Federal Grant from the U.S. Department of
TransportationDecember 06, 2018
Today, U.S. Senator Rob Portman (R-OH) announced that Monroe
County was awarded a $20 million BUILD (Better Utilizing
Investments to Leverage Developments) federal grant by the U.S.
Department of Transportation. The BUILD grant will be used to fund
Monroe County’s Appalachia NGL Hub—Rail Transloading Project. This
multi-modal, project will construct a rail yard and pipeline
transloading facility to transfer propane and butane from pipeline
to rail to be sent for export in the most efficient and safest way
possible.
“This is great news for Monroe County and its economy,” said
Portman. “By increasing energy exports from the Marcellus and Utica
Shale, this project will create more jobs in Southeast Ohio and
help make America less dependent on foreign energy sources.”
NOTE: Portman sent a letter of support to Transportation
Secretary Elaine Chao for the Monroe County BUILD Grant application
in July of this year.
Johnson Applauds Department of Transportation Award of
BUILD Grant to Monroe CountyDecember 7, 2018
Congressman Bill Johnson (R-Marietta) released the following
statement after the Department of Transportation (DOT) announced a
$20 million grant to Monroe County through the BUILD Grant program
(Better Utilizing Investments to Leverage Developments):
“I was thrilled to learn Monroe County received this award,”
said Bill Johnson. “This BUILD grant will help fund the county’s
Appalachia NGL Hub-Rail Transloading Project, allowing for safe and
efficient transfer of natural gas from pipeline to rail. This is a
major, major deal for Monroe County and Southeastern Ohio – and
another sign that Appalachia Ohio is on the upswing, adding
good-paying jobs, and no longer a forgotten region.”
Earlier this year, Johnson made a personal phone call and sent a
letter of support for the Monroe County BUILD Grant application to
Transportation Secretary Elaine Chao.
About Long Ridge Energy Terminal
The Long Ridge Energy Terminal is the Appalachian
Basin’s leading multimodal energy terminal with nearly 300 acres of
flat land, two barge docks on the Ohio River, a unit train capable
loop track and direct access to Ohio Route 7. Long Ridge
is a subsidiary of Fortress Transportation and Infrastructure
Investors LLC, which trades on the New York Stock Exchange under
the ticker FTAI. For more information on Long Ridge, please
visit www.longridgeenergy.com.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure Investors LLC owns
and acquires high quality infrastructure and equipment that is
essential for the transportation of goods and people globally. FTAI
targets assets that, on a combined basis, generate strong and
stable cash flows with the potential for earnings growth and asset
appreciation. FTAI is externally managed by an affiliate of
Fortress Investment Group LLC, a leading, diversified global
investment firm.
For further information, please contact:
Alan Andreini Investor Relations Fortress Transportation and
Infrastructure Investors LLC (212) 798-6128
aandreini@fortress.com
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