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.