Price still under negotiation as the Port moves forward with rail purchase

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Story Published: Nov 21, 2008 at 1:02 AM PDT

By Erica Rush

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COOS BAY, Ore. -The Port of Coos Bay agrees to purchase the rail line that runs from Coos Bay to Eugene but not without fighting for a lower price.

The Surface Transportation Board set a price for the 111 mile rail line Thursday, at more than $16.6 mil.

Commissioners of the Oregon International Port of Coos Bay deliberated for more than an hour Thursday evening and agreed to authorize Executive Director, Jeffrey Bishop to move forward with that purchase but with one very important exception. Bishop will also file for reconsideration with that price.

According to Martin Callery, "We don't believe the STB followed their own guidelines on the evaluation. They left out things that in a normal Net Liquidated Value would have never been left out, such as the bridge removal costs. So we believe we have a case for reconsideration but we are going to move forward with the acquisition of the rail line."

The port will submit their request for purchase no later than December 1 and should complete the deal with CORP by Feb. 18 of next year.

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