A group of farmers, business owners and individuals have been working diligently since the beginning of December to secure access to the Oyen to Lyalta Rail Line which CN Rail wants to abandon.

Money is being raised to go toward a deposit on the line, legal fees and for an engineer to look at the line to determine the work it may or may not need.

A share offering meeting is a chance for individuals to invest in the line for $1,000 a share and in essence, invest in their community.

It will take place in Oyen, Thursday, March 18 at 6 p.m. at the Senior Recreation Centre.

In its infancy stages, 1504499 Alberta Limited is the company which has been set up by the group to investigate further whether it’s going to be possible to take over the rail line and how much of it, says Dwayne Marshman, the company’s interim president.

“We need seed money for consulting fees and (engineering) just to ensure it’s a viable rail line we can operate for five to 10 years without any major maintenance,” says Marshman.

The rail line isn’t being set up as a business per say, but instead to ensure there is an affordable option for farmers to transport their grain.

“We’re thinking about the future,” says Marshman. “The whole reason for doing this isn’t for today, it’s for 10 years or 20 years from now.”

Marshman says many feel it’s foolish to remove the rail line because once it’s gone it won’t be replaced. Also it’s 16 per cent more fuel efficient to transport goods by rail, compared to transporting by trucks.

The company is raising $300,000 initially and more than half is already in place. About half of that will be used as a deposit if the group decides to proceed with purchasing part of the line from Lyalta to Hanna. The rest will help with consulting and legal fees.

The entire track from Lyalta to Oyen is about 286 kms, but if it were to be purchased would cost between $10 to $12 million, says Marshman. The net salvage value of the line is about $21 million, but officials hope they can purchase the line for 40 per cent of its net salvage value based on previous rail line sales.

Officials are hopeful the Lyalta to Hanna portion of the line could be purchased for about $5 million (its net salvage value is about $13 million) and the rest of the line to Oyen could be leased with an intent to purchase in the future.

“Our goal is to take control of the line ... we have to set our goals realistically,” says Marshman, about the struggle officials face in trying to raise $5 million.

Individuals who purchase a share now, if the deal proceeds and the line is purchased, could see their portion turned into an investment share. More shares would also be sold to raise capital to pay CN Rail.

The company has until March 31 to decide to make an offer on the line. If an agreement is reached, hopefully by the summer, the group will have to decide how to proceed such as changing to a co-operative or remaining a corporation.

Marshman is hopeful community members will support the initiative by buying a share or more than one if they have the money available and believe in the project. Raising $300,000 will be a lot easier, the more people who share the costs.

“It’s not easy to go out and tell people you want to buy a railway,” says Marshman.

More information about the Oyen-Lyalta Railway can be found online at www.bandlandsrail.com.