Strasburg Rail Road Company (SRC), a Class III rail carrier, has filed a notice seeking an exemption to maintain control over a new entity, SRC Railway LLC, as it becomes a rail carrier. Railway LLC plans to lease and operate a 4.25-mile rail line in Lancaster County, Pennsylvania, owned by SRC. This transaction is exempt from certain approval requirements because it involves only Class III carriers, and there is no connection outside the corporate family. The exemption could take effect as soon as January 20, 2021, unless any petitions to revoke it are filed by January 12, 2021.
Simple Explanation
Strasburg Rail Road Company wants permission to let a new company, SRC Railway LLC, use its train tracks for a short distance in Pennsylvania. Because these companies are small and related, they don't need to go through some usual approval steps unless someone asks to stop them by a certain date.