The International Port of Coos Bay is set to purchase the Coos Bay Rail Line.
The Surface Transportation Board last Friday approved the Port’s application to force the sale of the Coos Bay Rail Line from the Central Oregon and Pacific Railroad.
In a article published yesterday in the Coos Bay World, Executive Director for the International Port of Coos Bay, Jeffery Bishop says they will agree to the STB’s set purchase price, but is considering an appeal.
Bishop says that he feels the Port should still receive some kind of a discount in the final purchase price due to the poor condition of the troubled tunnels.
He also thinks the STB’s real estate price was inflated and incorrect.
None the less the Port staff is working to put all of the financial pieces into place in order to close the deal when the STB officially sets the final price.
The Port expects to close the deal in less than three months.