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.)

  • Region 8 News</span><a class="customMoreLink" href="/Global/category.asp?C=4391" target="_top">More >></a>Region 8 NewsMore>>

  • Crews work to restore power to residents following overnight storm damage

    Crews work to restore power to residents following overnight storm damage

    Saturday, March 25 2017 11:28 AM EDT2017-03-25 15:28:38 GMT
    Saturday, March 25 2017 11:38 AM EDT2017-03-25 15:38:12 GMT
    (Source: Craighead Electric Cooperative Facebook Page)(Source: Craighead Electric Cooperative Facebook Page)

    Several residents affected by overnight storms may have to wait a while before their power is restored.

    Several residents affected by overnight storms may have to wait a while before their power is restored.

  • City incinerator cut off following early morning storm damage

    City incinerator cut off following early morning storm damage

    Saturday, March 25 2017 10:37 AM EDT2017-03-25 14:37:51 GMT
    Saturday, March 25 2017 10:53 AM EDT2017-03-25 14:53:10 GMT
    (Source: Bill Campbell)(Source: Bill Campbell)

    The city of Jonesboro announced Saturday morning that access to the city's incinerator has been cut off in the wake of storms that rolled through the area.

    The city of Jonesboro announced Saturday morning that access to the city's incinerator has been cut off in the wake of storms that rolled through the area.

  • New business comes to Bono

    New business comes to Bono

    Friday, March 24 2017 11:38 PM EDT2017-03-25 03:38:07 GMT
    Friday, March 24 2017 11:45 PM EDT2017-03-25 03:45:53 GMT
    (Source: KAIT)(Source: KAIT)

    One-third of the Jim Co Factory building in Bono will now be used as another factory, bring six to eight jobs to the city.

    One-third of the Jim Co Factory building in Bono will now be used as another factory, bring six to eight jobs to the city.

Powered by Frankly