Port of Coos Bay to Buy Closed Rail Line
December 04, 2008 8:19 AM
COQUILLE -- The Oregon International Port of Coos Bay has agreed to buy a rail line that was closed for safety reasons in September 2007.
The port's purchase should help coastal businesses that have been using costly alternatives to ship their goods.
Last month, the federal Surface Transportation Board priced the 111-mile line that runs between Eugene and Coquille at $16.6 million. The price was based on the line's scrap value if the line was abandoned.
The port has until Feb. 18 to arrange financing. After the deal with the line's former operator, RailAmerica, is signed, the port will also have to spend at least $3 million to $4 million to repair the tunnels that prompted the shut-down.
