Can the port sell shares in the rail line?
Question: Is it possible for the Oregon International Port of Coos Bay to sell shares? I would love to help buy the Coos Bay rail line. Answer: No, it’s not possible. The Port of Coos Bay is attempting to purchase the railroad through the U.S. Surface Transportation Board. One of the stipulations the federal agency imposes is that the prospective owner can’t divest itself of any of the acquired property for a minimum of three years. “We can’t sell any real property. That includes both real estate and infrastructure,” said Martin Callery, director of communications and freight mobility. The only sources of funding the port can accept are state and federal grants, some state and federal loans, and private sector lending. The port has $4 million from the Oregon Department of Transportation and could potentially receive another $8 million from Congress. The federal funding is contingent upon congressional approval to use the funds to purchase the line.
