Port of Seattle buying rail corridor as part of county swap
The Port of Seattle said Friday it has reached agreement to purchase a 42-mile Eastside rail corridor in King and Snohomish counties from BNSF Railway Co. for $103 million.
Under terms of the agreement, the port will lease the corridor to King County, which would then develop biking and walking trails from Renton to Woodinville at an estimated cost of $44 million.
Commercial freight use will continue on the section from Woodinville to Snohomish.
Another aspect of the deal will see King County transfer ownership of the Fisher Flour Mill site located on Harbor Island to the port. 'This property is strategically located near other port holdings on Harbor Island, and it makes perfect sense for the port to own it,' said Tay Yoshitani, the Port of Seattle’s chief executive officer. 'And it helps make the deal a win-win for all parties.'
King County has also agreed to consult the port regarding future development at King County International Airport, also known as Boeing Field, which under a previous MOU proposed a year ago would have transferred to the port.
'That part of the agreement was not feasible on a number of levels,' said Port of Seattle Commission President John Creighton, 'but with this new agreement the port and the County can better coordinate airport infrastructure across the region as our population continues to grow.'
The new MOU will be submitted for approval by the Metropolitan King County Council and the Port Commission no later than Dec. 11, with final closing of the transaction by July 2008.
Port of Seattle buying rail corridor as part of county swap
