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500 Water Street, 15th Floor
Jacksonville, FL 32202
CSX Transportation, Inc.
500 Water Street
Jacksonville, FL 32202
Funding Will Launch Intermodal Project to Create Jobs, Strengthen Nations Infrastructure
Released: Feb 17, 2010
Jacksonville, Fla. - February 17, 2010 - CSX today congratulated Ohio Governor Ted Strickland, Maryland Governor Martin O'Malley, Pennsylvania Governor Ed Rendell, Virginia Governor Bob McDonnell, West Virginia Governor Joe Manchin and the National Gateway coalition on the award of $98 million in Transportation Investment Generating Economic Recovery (TIGER) grant money. The funds will go immediately to construction projects that enhance the use of fuel efficient and environmentally-friendly freight rail.
"The entire National Gateway coalition has shown extraordinary vision, dedication and commitment," said Michael Ward, chairman, president, and chief executive officer of CSX. "Supporting this investment creates jobs now and improves America's transportation system and competitive advantage over the long-haul."
By creating a more efficient double-stack cleared rail corridor between East Coast sea ports and consumption centers and Midwest distribution centers, the National Gateway will yield an estimated $22 in public benefits for every dollar of public money invested. This public-private partnership will create greater capacity for goods moving in and out of the Midwest, reducing transit times between coastal ports and major population centers by 24 to 48 hours; reduce highway congestion and transportation emissions; and create over 50,000 jobs.
Double-stack clearances allow trains to carry nearly twice as much freight on the same number of trains. Already, trains can move a ton of freight more than 436 miles on a single gallon of fuel, making rail transportation three times more fuel-efficient than over-the-road alternatives. The increased freight capacity will improve the nation's economy and environment.
The National Gateway is supported by a broad coalition that includes governors and regional officials across six states, more than three dozen members of Congress, three port authorities, and a large number of global shippers, ocean carriers, business organizations and environmental groups.
The TIGER Discretionary Grant program is part of the American Recovery and Reinvestment Act. The federal funds will help complete the $842 million project, to which sponsoring states have pledged $189 million and CSX has contributed $395 million.
CSX Corporation, based in Jacksonville, Fla., is one of the leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river, and lake ports. More information about CSX Corporation and its subsidiaries is available at the company's web site, www.csx.com.