The main issue here (IMHO) is that CHS is apparently is expecting qualified bidders to commit to rebuilding this locomotive in 160 days to no known specification, including how much of the historical appearance or fabric must be retained. The real danger is if an unscrupulous bidder (they exist in every industry) were to do a band-aid rattle-can of paint butcher job that meets "FRA Certification".
I discussed the "specifications" with a friend of mine who is a retired supervising R&D engineer from the phone company, who has been heavily involved in rail preservation since he was a teenager, and works as a railroad mechanical consultant including contract specifications. He said he could easily spend 90 days just researching the materials specifications. Not to mention creating or finding the specifications for all the machining and assembly tolerances.
I was reminded by someone that #9 was already out to bid a year or two ago. Apparently the bids were twice or more what CHS was expecting, so were never awarded. Since then, the scope of work now includes the boiler meeting FRA and the tender, even though CHS appears to be using the outdated bid info. This might easily be a $1/2 million bid (for a quality job), before you consider the 160 day requirement.
We can only hope that the winning bidder is fully qualified (knows the required specifications already) and is given at least a year to do the required job.
At what point does the money run out and the Loop implode? Had the Loop continued to improve each year since 2005, we would have very little reason to "Monday morning quarterback".