Eastside Rail Corridor Statement

Port of Seattle CEO Tay Yoshitani announced today that the Port and BNSF have agreed to extend the deadline for the proposed acquisition of the Eastside Rail Corridor through the end of 2009.

The two agreed to the extension due to continued uncertainty in the credit markets and the effects of the economic recession on Port finances. The Port was slated to acquire the corridor for $107 million in December 2008, but the transaction was postponed after the collapse of global credit markets.

The Surface Transportation Board, the federal regulatory agency that oversees rail acquisitions, has yet to complete its review of the proposed sale. The sale cannot close before the STB issues its approval.

“We continue to believe that the rail corridor should be in public ownership,” Yoshitani said. “It is an invaluable asset for the region.”

Yoshitani expressed his appreciation to BNSF CEO Matt Rose for his continued cooperation and support for efforts to preserve the corridor for the public’s benefit.