The $3.5 million number provided in the handout that was distributed at the meeting matches what is now posted on the Flying Yankee website. If they have repaid the $800K loan by now, then it would appear that the 1.5 million to complete the project has now increased to 3.5 million, so perhaps that includes the cost of the new propulsion system. However, based on the discussion at the meeting it appeared no definite decision has been made on what that propulsion system will be or whether it will be AC or DC (that exact question was in fact asked by a person in the audience) so I don't know how they would be able to quote a very accurate cost right now. Some things seemed contradictory, like their "study" to determine what replacement traction motors to use is being done after they have assembled the power car wheelsets with the previous TM bull gears. The assembled wheelsets and bull gears are consequently going to pretty much dictate the answer, unless they plan on doing that job over again.
I suspect that a pretty good sized chunk of money must have gone into the efforts to recondition the Winton engine before the decision was reached that it is not feasible to do so. He mentioned that six new pistons were manufactured for the Winton (why only six for an eight cylinder engine?), the cost of reverse engineering, building core molds, and casting must have been impressive. After all the effort they reached the same conclusion an EMD District Engineer had warned about in the beginning, that rebuilding the Winton engine would cost too much and would be too difficult to support in operation.
Previously on this discussion string the cost of the restoration was compared with the cost of new locomotives. Perhaps it should also be compared with the cost of rebuilding locomotives. If I remember the figures correctly, the 3.5 million needed to "complete" the work on the Flying Yankee is about what it would cost to rebuild two of the stretch F40s on the MBTA.
If I recall the F40PH-2C and F40PH-2CM rebuild scope correctly, that rebuild included stripping the locomotive down to the frame, doing metal restoration, rebuilding the main engine and all electrical rotating components, replacing high voltage cabling, installing an all new CAT 3412 HEP engine and generator and all related control cabinets and cabling, installing all new side panels, installing a variety of new auxiliary equipment, and complete prime and paint of the unit, plus auditing services for regulatory compliance and a variety of testing.
The information I got yesterday did help answer a number of questions I have had about this project. It was well worth the effort to make the fairly long drive to attend the meeting. I have watched the numbers on this project grow substantially over the years as the time frame slides steadily backwards. This meeting provided some perspective on what is being done, or not being done. This train is, after all, owned by the State of New Hampshire (it was donated to them), which doesn't seem to be participating in any of the financial risk at all. The questions, which came from many people in the audience, covered most of the things about this project that I have wondered about too. More information came out in the fifteen or twenty minutes of question and answer than has been on this string or the Flying Yankee website in several years.
By the way, the flyer that was distributed says the "naming rights" for each of the three cars are available for $500,000 each. Will one of the cars be named "Railroad.net", Otto?