The port’s purchase should help coastal businesses that have been using costly alternatives to ship goods such as timber and fish.
Last month, the federal Surface Transportation Board priced the 111-mile line that runs between Eugene and Coquille at $16.6 million. The price was based on the line’s scrap value if the line was abandoned.
The port has until Feb. 18 to arrange financing. After the deal with the line’s former operator, RailAmerica, is signed, the port will also have to spend at least $3 million to $4 million to repair the tunnels that prompted the shut-down.
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