Ok, so I found a way around it for now. For anyone else looking into this, do the following. This goes based on a basic knowledge of powershell scripts
Open a text file and type in the following
Start-Process -FilePath ".\openttd.exe" -Argumentlist "-D -d 4" -RedirectStandardError "logfile.log"
then save it as Server.ps1
Basically what this does is
1) This starts a new windows process of openttd.
Start-Process -FilePath ".\openttd.exe"
2) This assigns the command line options to the process. In this case its -D for dedicated server and -d 4 for level 4 debugging
-Argumentlist "-D -d 4"
3) This redirects all the info from the console window to the text file of your choosing.
I have uploaded a script for peoples convenience.
Please note for the new people in powershell scripting, your computer may need to have the powershell "run custom scripts" enabled. here is a link to learn how https://technet.microsoft.com/en-us/library/ee176961.aspxhttps://www.dropbox.com/s/rfuoincj3uk1hxx/OpenTTD%20Server.ps1?dl=1
If you want to see the content of the file, just open in notepad