It will cost Charlotte City Council $91 million to purchase 22 miles of Norfolk Southern’s O-Line for Red Line commuter rail. Charlotte City Council will vote next Tuesday on the purchase. Of the $91 million, $74 million is for the 22 miles of track from Uptown Charlotte to the Mecklenburg County line.
Cornelius leaders vote to support Red Line sales tax proposal
The remaining $17 million is to purchase 1.6 acres adjacent to the Gateway Station in Uptown for a Red Line station and station tracks. In addition to a vote on the $91 million, Charlotte City Council will vote next Tuesday on a resolution to endorse a sales tax increase for transit.
Charlotte City Council’s meeting is underway. Mayor Lyles kicked it off by talking about its significance. After 26 years, the city is close to purchasing the Red Line @wsoctv pic.twitter.com/CZqcmBxeLv
— Joe Bruno (@JoeBrunoWSOC9) August 26, 2024
Plans call for a commuter rail from Uptown Charlotte to Mount Mourne, Iredell County. Charlotte City Council’s action Tuesday will preserve the corridor in Iredell County but not purchase it. Such a purchase will only happen if Iredell County and the town of Mooresville formally approve the purchase. It will cost the city an additional $17.75 million to purchase the Iredell County portions of the line.
The $91 million will be financed by the city of Charlotte via variable-rate financing for five years. The city will be reimbursed from sales tax revenue if the sales tax increases for transit passes.
The deal is expected to close on Sept. 9.
VIDEO: Red Line: Charlotte City Council tries to keep up with deadline set by railroad
Source Agencies
