CN for the rail line right-of-way
Still nothing definitive as the clock ticks towards an Oct. 6 deadline for municipalities to make an offer to CN Rail to purchase the now defunct line between Kelowna and Vernon.
Kelowna's Real Estate Divisional Director, Doug Gilchrist, stated earlier this week negotiations are continuing between Okanagan municipalities and CN.
He wouldn't get into specifics as to how those negotiations are going except to say an offer is likely to be made before the deadline passes in 11 days.
Negotiations center around the price municipalities are willing to pay CN for the rail line right-of-way.
If an offer is not amenable to CN, the rail company would be in a position to sell off the right-of-way piece by piece to interested investors.
It is believed CN Rail is asking for slightly more than $1M per kilometre for the 49km stretch of track.
