Railroad Renews Lease: Same Tracks, New Paperwork for 20 Years
Published Date: 4/23/2026
Notice
Summary
Tazewell & Peoria Railroad is renewing its lease to keep running trains on about 19 miles of tracks owned by Peoria and Pekin Union Railway. This new lease lasts 20 years with options to extend, so nothing’s changing except the paperwork. The railroad expects to keep making over $5 million a year, and they’re following all the rules to keep employees and unions in the loop.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 1 costs, 0 mixed.
Labor Notice Waiver Request Shortens Notice
Because TZPR's annual revenues currently exceed $5,000,000, the rule would normally require a 60-day advance labor notice to employees and unions before the exemption becomes effective; TZPR has requested a waiver to allow the exemption to take effect 30 days after filing of its verified notice of exemption. The waiver request and the exemption effective date will be decided in separate Board actions.
20-Year Lease Keeps Trains Running
Tazewell & Peoria Railroad will continue to lease and operate all of Peoria & Pekin Union Railway's tracks — about 19.3 miles — under a new lease that has a 20-year term and allows two five-year extensions.
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Key Dates
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