Definitions

Section 810 Section 810.30  Definitions The following words or phrases, when used in this Part, and in conjunction with the federal rules, shall have the meanings ascribed to them below: "Benefit/Cost" – The ratio of project benefits and the net cost of the project. "Benefits" are categorized into three groups: Economic Benefits – measured as the addition/retention of employment or the avoidable loss of business and its related jobs to a community. Public Benefits – measured as the incremental reduction in directly related government expenditures resulting from the implementation of the rail project. Transportation Benefits – measured as the avoidable, additional cost of transporting affected freight shipments by other modes or other routing. "Contract" – The written agreement between the recipient and the Department defining the project and terms of the loan or grant. "Department" – The Illinois Department of Transportation. "FRA" – The Federal Railroad Administration. "Light Density Rail Line" – Those rail lines which carry less than 3 million gross tons per mile per year. "Local Rail Service Assistance Program (LRSA)" – The LRSA program provides loans or grants for capital improvements to light density rail lines and for substitute service projects.  LRSA funding is normally 70 percent federal and 30 percent State or local, but these percentages may change in the future.  Federal funding levels are determined by Congress and may be altered from time to time due to amendments to the Department of Transportation Act (49 U.S.C. 1654 as amended by the Local Rail Service Assistance Act of 1978). "Project Life" – The number of years the recipient is willing to commit itself, or is required, to provide service over a line.  In the benefit/cost analysis, project life is the period of time over which proposed project benefits and costs are calculated. "Recipient" – Grant or loan recipient. "Residual Value of Project Materials" – As determined by the Department, the residual value will be the expected salvage value of project materials based on existing market values plus or minus the projected increase or decrease in value based on price trends. "Salvage Value of Extracted Materials" – The expected salvage value of the materials which would be removed during a line rehabilitation and sold, either for scrap or reuse.  Salvage value will be determined by the Department based on a survey of existing market prices. "State Rail Plan Update" – The document published by the Department every two years which describes the LRSA program methodology.  The plan is also used to establish project eligibility. "Substitute Service" – Assistance designed to reduce the costs of lost rail service in a manner less expensive than continuing that rail service and includes (but is not limited to) the acquisition, construction, or improvement of facilities for the provision of substitute freight transportation services and/or the relocation of shippers.