CHICAGO and JACKSONVILLE, Fla., June 19, 2015 /PRNewswire/ -- Louisville
& Indiana Railroad (L&I), a subsidiary of Anacostia Rail
Holdings, and CSX today announced the completion of an agreement
that grants CSX a permanent easement to operate over the L&I's
106-mile rail corridor between Indianapolis and Louisville.
In addition to CSX's $10 million
easement purchase, the two companies finalized an operating
agreement that provides for an additional $90 million in infrastructure upgrades over the
next several years to improve the track structure and right of way
along this key freight route. The joint project, which closed
on June 17, 2015, was approved by the
U.S. Surface Transportation Board in April.
"CSX's investment of approximately $100
million will provide enhanced rail access for the Port of
Indiana-Jeffersonville, increase capacity and
efficiency along this corridor and improve connectivity to CSX's
broader network," said Oscar Munoz,
president and chief operating officer, CSX Corporation.
"These critical infrastructure improvements include the
installation of new rail, upgrades to the rail bed structure and
bridge improvements to enhance safety and service for customers in
the Midwest and provide more efficient rail service throughout the
region."
Over the next several months, 20 miles of new rail will be
installed along the southern portion of the line. In
recognition of the potential impact on local communities during and
after construction, representatives from both railroads in May
began a series of joint meetings with community leaders to provide
project status updates and to address concerns related to public
safety, anticipated increases in freight volume and construction
plans.
"Since 2011, both L&I and CSX have coordinated with state
and local officials to discuss the upgrade of the line to support
manufacturers, farmers, marine ports and other contributors to the
area's economic growth," said John
Goldman, president, Louisville & Indiana Railroad.
"As we undertake the first phase of construction, we will continue
to collaborate with local officials to plan and execute
construction activities to minimize disruptions to communities
along the corridor."
About L&I
The Louisville & Indiana Railroad is based in Jeffersonville, Indiana and has approximately
40 employees. L&I acquired its 106-mile line from Consolidated
Rail Corporation and began operations in 1994. The
railroad operates a former main line of the Pennsylvania
Railroad.
About Anacostia Rail Holdings
Anacostia Rail Holdings (www.anacostia.com) is a short line
railroad holding company. Its railroads operate in seven states
and, in addition to L&I, include the Chicago South Shore &
South Bend Railroad, Gulf Coast Switching Company, New York & Atlantic Railway, Northern
Lines Railway, LLC and Pacific Harbor Line, Inc.
About CSX
CSX, based in Jacksonville,
Florida, is a premier transportation company. It
provides rail, intermodal and rail-to-truck transload services and
solutions to customers across a broad array of markets, including
energy, industrial, construction, agricultural, and consumer
products. For nearly 190 years, CSX has played a critical
role in the nation's economic expansion and industrial development.
Its network connects every major metropolitan area in the
eastern United States, where
nearly two-thirds of the nation's population resides. It also
links more than 240 short-line railroads and more than 70 ocean,
river and lake ports with major population centers and farming
towns alike. More information about CSX Corporation and its
subsidiaries is available at www.csx.com. Like us on Facebook
(http://www.facebook.com/OfficialCSX) and follow us on Twitter
(http://twitter.com/CSX).
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SOURCE CSX