Florida, CSX close SunRail transaction
Written by jrood
CSX Corporation today completed the previously announced transaction with the State of Florida to sell a 61-mile rail corridor for the SunRail commuter railroad.
The commuter system is expected to begin initial operations in 2014
in a corridor along Interstate 4. SunRail will serve the Orlando area,
as well as Volusia, Seminole, Orange and Osceola counties. Under the
agreement, CSX will retain an exclusive freight easement to operate on
the SunRail line in order to continue to provide all common carrier
services to its customers.
"Today’s closing represents a
significant milestone in this public-private partnership that
accommodates Central Florida’s need for a transportation alternative to
congested highways, while preserving and expanding environmentally
friendly and efficient freight rail capacity," said Louis Renjel, vice
president-strategic infrastructure.
Over the next eight years, CSX
and its affiliates plan to invest $500 million into Florida rail
infrastructure to support economic growth and job creation in the state.
This investment is primarily supported by proceeds from the
transaction.
