Any railroad may apply for a loan from the industrial rail service fund for the purpose of providing railroad transportation service in Indiana. The application shall be submitted to the Indiana department of transportation. The department shall make the final decision as to whether or not to approve an application. In determining if a loan should be made to a railroad, the department shall consider the following criteria:

1. (1) The importance of the railroad transportation services that the loan would affect, in the broad perspective of Indiana's overall transportation network.
2. (2) The impact of a decision to not provide a loan on economic activity and employment in Indiana.

3. (3) The long term viability of the proposed project as demonstrated by the following:

   1. (A) The long term prospect for the affected industries.
   2. (B) The soundness of the proposed business plan including an analysis of the economic impact of the proposed fee structure on affected rail users.
   3. (C) The management of the proposed rail line.

   4. (D) The active involvement of affected rail users in the development of the proposed business plan.

      Once an application is approved, the state comptroller shall service the loan.

      As added by Acts 1982, P.L.51, SEC.2. Amended by P.L.84-1988, SEC.4; P.L.18-1990, SEC.39; P.L.9-2024, SEC.284.