Reappraisal of Defunct Memphis Rail Line Closer to Original Offer - KAIT Jonesboro, AR - Region 8 News, weather, sports

Memphis, TN

Reappraisal of Defunct Memphis Rail Line Closer to Original Offer

SEPTEMBER 5, 2006 - Posted at 7:44 a.m. CDT

 

MEMPHIS, TN - A new state appraisal of a defunct rail corridor in Shelby County sets the value of the CSX-owned line at about $2.5 million, well below the nearly $16 million the company wants to sell it for.

The city of Memphis and Shelby County have offered $2 million for the Midtown-to-Cordova corridor that they hope to use for recreation trails and a light-rail line.

Darrell Eldred, who has led a private investment group trying to raise money for the deal, says CSX should not continue to demand the higher price when their tax assessment has been lowered.

A CSX spokeswoman had no information on the latest appraisal.

The corridor is 13 miles long and 100 feet wide.

(Copyright 2006 by The Associated Press.  All Rights Reserved.)

Powered by Frankly