WASHINGTON — The Surface Transportation Board announced it has established $16.6 million as the purchase price of the Central Oregon & Pacific Railroad Inc.’s (CORP) 111-mile railroad line, running from Danebo to Cordes, Ore.
In a prior decision, the Board had ordered CORP to sell the line to the Oregon International Port of Coos Bay. The Board-established figure is approximately $2.9 million less than the $19.5 million that the Port testified it had available for the Line’s purchase.
The Port must decide by Dec. 1 whether to accept the terms of sale established by the Board’s decision. If the Port accepts the terms, the Port and CORP are directed to close the transaction by Feb. 18, 2009.
“Today’s decision marks a significant milestone in the Board’s efforts to reopen the Coos Bay Line,” Board Chairman Charles D. Nottingham said. “The shippers along this corridor are now one step closer to the resumption of much-needed rail service.”