Financing approved for Charlotte to purchase O-line from Norfolk Southern as transit legislation hangs in the balance
At Monday night's meeting, city leaders unanimously approved the financing in its acquisition of Norfolk Southern's O-line from uptown to the Iredell County line. The parties agreed to a sale of the 22 miles of right of way last September for $74 million, which will officially involve a $93 million financing contract.
There was no discussion Monday from council members or citizens on the item.
Mecklenburg County leaders applaud Senate Bill 145, aiming to boost transportation funding
The Charlotte Area Transit System plans to add the Red Line commuter rail along the corridor into northern Mecklenburg County. Further planning is required to extend it into Mount Mourne in Iredell County.
The same day as the O-line agreement, City Council also approved the purchase of approximately 1.6 acres for $17 million for the future Charlotte Gateway Station, off Graham Street uptown.
The North Carolina Local Government Commission is expected to review and approve the variable rate installment financing at their April 2025 meeting.
The Red Line is part of a 1-cent sales tax legislation to create a new transit board that's now in the hands of the General Assembly. With state approval, it would then be placed as a referendum on the November ballot for Mecklenburg County voters.
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