Puerto Verde Industrial Railroad, LLC (PVIR), a noncarrier company, plans to operate a 2.43-mile private railroad track in Maverick County, Texas, on the site of a former coal mine. This site, owned by PVIR's affiliate, Farming Hydrasource, LLC, is being converted into an industrial park. Once operational, PVIR will provide carrier services like switching and transloading for local businesses. The railroad's annual revenue is projected to stay under $5 million, classifying it as a Class III rail carrier. The earliest start date for operations under this exemption is January 1, 2025, and certain regulatory reviews do not apply to this project.
Simple Explanation
Puerto Verde Industrial Railroad, LLC (PVIR) will soon be running a small train track in Texas to help move things for businesses in a new industrial park. They won't make more than $5 million a year from this, and some special rules they normally need to follow don't apply here.