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KCDC buying waterfront railroad spur

Tuesday, June 28, 2011   (0 Comments)
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Source: KnoxvilleBiz.com

KNOXVILLE -- Knoxville’s Community Development Corp. is buying a half-acre surplus railroad spur from the Knoxville & Holston River Railroad and plans to convert it to become the last part of the walkway along the South Knoxville Waterfront.

In return, the railroad will get funds to be used toward a track realignment project at Forks of the River Industrial Park. The Knox County Rail Authority signed off on the deal at its 2 p.m. meeting today.

KCDC agreed to pay $221,500 for the property with the funds going to the rail authority and the railroad to be used on track improvements that will make it easier for trains to serve PSC Metals and other businesses in the industrial park, said Pete Claussen Sr. (TN, '03), chairman of the railroad authority and chairman and CEO of Gulf & Ohio Railways, which owns the Knoxville & Holston River Railroad.

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