North Dakota
Critics say rail facility bailout would help Hoeven’s bank
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BISMARCK, N.D. – North Dakota’s Republican-led Legislature is considering giving $10 million to a Minot intermodal rail facility.
It’s a move backers say will reduce shipping costs and increase markets for the state’s farm products and other commodities. Opponents argue the funding proposed for the long-troubled and financially distressed facility is nothing more than a taxpayer bailout for banks, one of which is partly owned by Republican U.S. Sen. John Hoeven.
The legislation seeks to provide $1.8 million for track improvements and $8.2 million that would be given to three banks that acquired the facility through foreclosure.
