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United States : ACTION proceeds to buy OKANAGAN RAIL TRAIL.

With the deadline coming near to discuss a deal with CN Rail to acquire the discontinued line between Kelowna and Coldstream, area municipalities and regional districts are moving forward with acquisition through the Canadian Transportation Agency discontinuance process.

As per Doug Gilchrist, Kelowna s divisional director of community planning and real estate, Significant progress has been made in negotiations over the past several months. However there are still a few outstanding issues. We have applied to the CTA for a non-binding net salvage value determination to assist in informing the agreements and to extend our negotiation timeline.

He further adds, This is a once-in-a-lifetime opportunity to preserve a continuous, regionally-significant corridor with the potential to provide long-term public benefits for the enhancement of the social, environmental and economic benefit of our residents

A non-binding net salvage value covers that the CTA would determine a market value estimate of the corridor (land and assets) to assist parties in the negotiation. Under this process, the net salvage value determination is not binding on the purchaser. Once an application for NSV determination is made, the process can take several months.

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Publication:Mena Report
Date:Oct 6, 2014
Words:199
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