Although it was years later, the threat finally was fulfilled. ITM's lease at Forest Park, Noblesville was not renewed, and was told to vacate. It scrambled to transfer equipment elsewhere, and scrapped some items. As far as I know, any equipment not removed from the park by the deadline date (sometime in this past summer) would become the property of the city of Noblesville. The station from Hobbs, Indiana was moved to Forest Park to serve as gift shop and dispatcher's quarters, but I do not believe that it has been moved. A significant change in the Board of Directors constituency led to the terminations of a number of volunteers from membership, including several who were well-qualified and competent crew members.
An operator was selected for tourist operations on the north part of the line, while Noblesville & Fishers want to tear out the track between these two cities. U.S. Rail has filed an application iwth the Surface Transportation Board to buy the line in accordance with federal law, and to operate freight service on it again. No word yet on any STB decision. If this happens, and if the line is connected to the rail system for freight interchange, any crews operating on any portion of the line will have to meet the stricter FRA training and supervision requirements. This point might be moot if U.S. Rail does not permit anyone but its own crews to operate on the line.