There is a deal to purchase the rail line between Coldstream and Kelowna for $22 million

Deal reached with CN for Okanagan rail corridor

The negotiated cost to secure the corridor is a combination of $22-million in funds and land donation.

A coalition of Okanagan communities have signed a negotiated sales and purchase agreement with CN for the discontinued rail line between Kelowna and Coldstream.

“This is a once-in-a-lifetime opportunity to preserve a continuous, regionally-significant corridor with the potential to provide long-term public benefits for our residents,” said Doug Gilchrist, with the City of Kelowna on behalf of the regional partners.

“We are ecstatic to have reached a negotiated agreement with CN that both parties consider fair.”

The negotiated cost to secure the corridor is a combination of $22-million in funds and land donation.

Through the sales agreement, local municipalities will now have a 120-day due diligence period to lift conditions, which includes financing.

Local governments are making every effort to minimize the current tax impact in the interest of securing a land asset that would be valued for generations.

The specific land parcels fall within the jurisdictions of Kelowna, Lake Country, Coldstream and the Regional District of the North Okanagan, so funding options such as partnerships, grants, municipal reserves or borrowing will be finalized by those jurisdictions during the due diligence period.

Gilchrist says the local governments support the Okanagan Indian Band in its claim over land along Kalamalka Lakje and as such, those parcels have been excluded from the pending agreement.

The agreement stipulates that CN will attempt to remove the rail infrastructure from the corridor for salvage by the end of 2015.

Once the discontinuance process has concluded, and assuming public ownership is achieved,Gilchrist says  local governments will establish construction and operation agreements; determine future costs and other considerations as part of protecting the rail corridor for future generations.

The jurisdictions have jointly identified the value the rail line could have as a continuous multi-modal transportation corridor connecting all the communities.

 

 

Just Posted

Vernon paddlers enjoy Canadian success

Medals won in classes at Canadian Outrigger Championships in Fraser Valley

Vernon pitcher helps Island squad win Westerrn Canadians

Kaleb Murray was picked up by B.C. champion Ladysmith, and helped team go 5-0 to win gold

UPDATED: Power restored to parts of Spallumcheen, Armstrong

Hydro crews investigating unscheduled outage that occurred at 2:30 p.m., affecting 1,700+ customers

Vernon team wins second straight NOSL title

North Enderby Timber crushes Salmon Arm Beer Badgers 8-1 in soccer league championship

VIDEO: Ride to Conquer Cancer rolls into Hope

Thousands of cyclist descend on small town for annual cancer fundraiser

VIDEO: Ride to Conquer Cancer rolls into Hope

Thousands of cyclist descend on small town for annual cancer fundraiser

Church building has been a landmark on Summerland’s Butler Street

Neighbourhood in Lowertown has gone through changes over the years.

B.C. VIEWS: Pipelines set to roll as federal politicians posture

Projects to drive B.C., Canadian economy in years ahead

B.C. Lions fall to 1-9 after 13-10 loss to Ticats

Lowly Leos have dropped six straight CFL contests

Man shot near Coalmont airlifted to hospital

A man was shot near Coalmont B.C. Saturday afternoon. The victim was… Continue reading

VIDEO: B.C. woman meets biological mother, 38 years later

Mother never gave up hope of finding daughter, despite all the obstacles

B.C. man who died after rescuing swimmer was known for helping others

Shaun Nugent described as a dad, a coach, a hero and ‘stand-up guy’ at celebration of life

B.C. RCMP plane chases fleeing helicopter as part of major cross-border drug bust

The helicopter eventually landed at a rural property near Chilliwack

Most Read