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Coos Bay Rail Line Purchase Saved
Author: Coos Bay Railfan
Date: 02-05-2009 - 14:58
From KQEN Radio, Roseburg, Oregon :
The International Port of Coos Bay can proceed with the purchase of the Coos Bay Rail Line.
The Oregon Economic Development and Community Development Commission today approved $12.6 million dollars in bridge loans to complete the purchase of the entire coastal line.
Coos-Siskiyou Shippers Coalition spokesman Bob Ragan is very pleased that money was found to get the deal done.
State Representative Arnie Roblan from Coos Bay says it has been a very difficult and uncertain time for the entire region while the line has been closed, he is excited that the purchase can now move forward.
The Commission approved two special public works loans totaling $12.6 million. The first loan of $7.2 million would be paid off within 24 months after the Port’s receipt of Federal Transportation Money. The second loan of $5.4 million has a 25 year repayment schedule.
With the two loans and $4 million dollars already in hand from ConnectOregon, the $16.6 million purchase can be consummated well before the February 18th deadline.
The International Port of Coos Bay can proceed with the purchase of the Coos Bay Rail Line.
The Oregon Economic Development and Community Development Commission today approved $12.6 million dollars in bridge loans to complete the purchase of the entire coastal line.
Coos-Siskiyou Shippers Coalition spokesman Bob Ragan is very pleased that money was found to get the deal done.
State Representative Arnie Roblan from Coos Bay says it has been a very difficult and uncertain time for the entire region while the line has been closed, he is excited that the purchase can now move forward.
The Commission approved two special public works loans totaling $12.6 million. The first loan of $7.2 million would be paid off within 24 months after the Port’s receipt of Federal Transportation Money. The second loan of $5.4 million has a 25 year repayment schedule.
With the two loans and $4 million dollars already in hand from ConnectOregon, the $16.6 million purchase can be consummated well before the February 18th deadline.
Coos Bay Rail Line Purchase Saved