A new study funded by federal, state and local transportation authorities has found that resurrecting the train line between Traverse City and Ann Arbor could earn $128 million in annual revenue by 2050.

The study was released on Monday and was conducted by Transportation Economics & Management Systems on behalf of the Michigan Department of Transportation, the Bay Area Transportation Authority and the Groundwork Center for Resilient Communities, a nonprofit agency.

Jim Bruckbauer, deputy director of the Groundwork Center (formerly the Michigan Land Use Institute), heralded the completion of the study.

"This is a major milestone in this project to bring passenger rail to Traverse City," he said.

The revenue and ridership numbers depend heavily on the speed of the train, the study found. A 60-mph train would cost about $40 million up front and earn $18.9 million annually by 2050, while a 110-mph train could cost $140-400 million up front but would generate more than $125 million annually by 2050.

The slower train would see about 43,000 riders each year by 2050 while the faster service could see as many as 2 million annually by the same date.

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The study established a potential timeline for the development of the new line, which would involve making the cheaper repairs up front and launching a 60-mph service in the next five to 10 years. In the long term, the tracks could be phased in to carry a 90-mph train by 2035 and then a 110-mph carriage by 2040.

It is unclear where the funding for the train line would come from. The study was commissioned as part of the A2TC project, which has been exploring the possibility of a train line since Michigan listed the connection as a major priority in its 2011 State Rail Plan.

The proposed route extends from Traverse City through Cadillac, Mount Pleasant, Alma, Owosso and Howell to Ann Arbor. It would also branch off north to Petoskey and the study called for more investigation into the possibility of an extension from Ann Arbor to Detroit.

The rail line would also provide a boon to cities along the route, the study said. A second study looking into the specific impacts on these cities will be released in November.

"We see this as being as much about economic development as it is about transportation," Bruckbauer told the Free Press.

"It's about attracting the next generation of workers who want to live and thrive in Michigan without necessarily depending on a car to get around," he said.

As many as 90,000 college students live along the proposed route, according to the study. Already, 6 million people visit the Traverse City area each year — and half of them come from metro Detroit. That number is expected to double by 2040, according to the study, providing another source of ridership.

Contact Marc Daalder: mdaalder@freepress.com or on Twitter at @marcdaalder.