In contrast to the previous two studies, the 2003 Rochester Rail Link Feasibility Study[4] focused on a spur link to Rochester from the Twin Cities, but avoided discussing the merits of the city's presence on a line to Chicago in significant depth. The routes recommended in that study had one terminus at the Rochester International Airport (RST) at the southern end, and closely examined linking to downtown Minneapolis and to Minneapolis-St. Paul International Airport (MSP).
The study examined three motive-power options and recommended a TGV-like service linking the Twin Cities and Rochester using electrified trains operating at speeds up to 185 mph (298 km/h). In this study, the trains would carry a mixture of passengers and cargo, allowing the Rochester airport to take over some of the air freight capacity of MSP. In the leading example, a rate of 20 passenger trains per day was proposed, plus 4 freight trains in the overnight hours. The passenger estimates were made not based on projected market demand and supply but on a simplified model that if X number of seats were available, Y percentage of those seats would be filled at a Z price. The cost estimate for building the electrified line was $869 to $933 million (2002 dollars), largely depending on whether an entirely new route was used or if the line would closely follow Highway 52. The analysis indicated that the line would eventually pay for itself with passenger and cargo revenues more than covering the capital and operational costs over a 30-year period.