The Chenango County Industrial Development Administration announced Tuesday that it has secured the funds needed to match a $4.7 million grant they hope to receive from the Economic Development Administration.

The grant would fund the rehabilitation of the Utica Main Line railroad that runs through Chenango County. A section of the railroad south of Oxford was heavily damaged in the 2006 flood cutting off service at Sherburne to Binghamton.

Jennifer Tavares, director of economic development, addressed the County Board of Supervisors Tuesday explaining that the funding is contingent upon securing a long term operations and maintenance agreement with a viable operator.

A pilot agreement with the New York Susquehanna and Western Railway will expire February 28, 2013.