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EnergySolutions buying Oak Ridge railroad
Lawrence Young,Cheap Soccer Cleats Australia, the president of CROET, said the sale should be closed within 90 days following a number of actions,Isabel Marant Sneaker, including a review by the Tennessee Attorney General's Office (which looks at transactions from non-profit entities to for-profit companies).
Troy Eshleman, EnergySolutions vice president for the Commercial Processing Division, said the company would continue to use the 11.5-mile short-line in the same manner it has for years.
Eshleman said EnergySolutions makes about one rail shipment a week from Oak Ridge, typically moving radioactive materials from the company's waste-processing facility on Bear Creek Road to the EnergySolutions landfill at Clive, Utah.
"The only thing new here is who owns it," said Jill Sigal, EnergySolutions senior vice president. "The folks who owned it wanted to sell it and approached us since we're the biggest user."
Eshleman said EnergySolutions owns rail properties around the United States.
One of the conditions of the sale is that EnergySolutions continue to allow open use of the rail line to support economic development of the area, officials said.
"In effect, they are replacing us as the operator of the railroad," Young said. "But it was very important to HRC (Heritage Railroad Corp.) as well as Heritage Center that this piece of infrastructure would be available to everyone."
When CROET took over ownership of the rail line from the Department of Energy about eight years ago, "it was a derelict railroad," Young said. At that time, not all of it was approved for use by the Federal Railroad Administration, he said.
Since then, however, about $1 million has been invested in upgrades, and the entire short-line is rated as a Class I railroad by the FRA, Young said.
The sale of the railroad is similar to how CROET has invested in old buildings at the former K-25 site and made them more appealing to the private sector, he said.
He would not disclose the sale price, but when asked if CROET got its money back, Young said,Nike Air Max Australia, "We did."
According to a press statement, EnergySolutions will continue to use the railroad's current operating and maintenance subcontractor, Walden Ridge Railway Co.
In a prepared statement, Jeff Deardorff,Isabel Marant Sneakers Sale, president of HRC, said,Air Jordan Shoes Online, "The sale of the railroad to a for-profit corporation has always been the board's goal. Our mission was to save the old DOE rail system and restore it for use to support further redevelopment of Heritage Center. Over the last seven years, we have accomplished that, and it is now time to transfer this asset to a for-profit entity."
Young said the Dept. of Energy would continue to own the land underneath the rail line, but there is a "perpetual easement" in place. He said the rails and the track and the bed of the railroad would change ownership from HRC to EnergySolutions.