The Iowa Northern Railway Company (IANR) contracted with RLBA to perform a physical inspection and appraisal of ten, IANR-leased, EMD model GP38DC and GP38AC, 4-axle, 2,000 horsepower locomotives and 154, IANR-leased, 4,750 cubic foot, covered hopper freight cars. The valuations were utilized as part of an application to the Federal Railroad Administration Railroad Rehabilitation and Improvement Financing (RRIF) loan Program. RLBA calculated the net liquidated value of the track structure in its current condition and also estimated the future net liquidated value of the track structure, assuming completion of a projected track rehabilitation program based on the use of RRIF loan proceeds.