November 24, 2014 - 2:32 PM
KELOWNA – The consortium of municipalities hoping to buy the decommissioned CN rail corridor between Kelowna and Vernon have been granted a one week extension to submit their value assessment proposal to the Canadian Transportation Agency.
The acquisition team – made up of Kelowna, Lake Country, Coldstream, North Okanagan and Central Okanagan Regional Districts – had until November 24 to submit the valuation but Kelowna's director of community planning Doug Gilchrist says more time is needed.
“We’re continuing to negotiate with CN and the extension will be helpful in us trying to come to agreement on certain points,” he says.
Gilchrist won’t comment on what issues remain, saying only that they are taking the deadline seriously and that the one week extension will be enough to finalize their proposal.
CN is asking $50 million for the corridor, which went bankrupt last summer and is currently being decommissioned.
The new deadline is December 1.
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News from © InfoTel News Ltd, 2014