Reappraisal of defunct Memphis rail line closer to original offer

MEMPHIS, Tenn. (AP) - A new state appraisal of a defunct rail corridor in Shelby County sets the value of the CSX owned line at about $2.5 million, well below the nearly $16 million the company wants to sell it to for.

The City of Memphis and Shelby County have offered $2 million for the Midtown-to-Cordova corridor that they hope to use for recreation trails and a light-rail line.

Darrell Eldred, who has led a private investment group trying to raise money for the deal, said CSX should not continue to demand the higher price when their tax assessment has been lowered.

A CSX spokeswoman had no information on the latest appraisal. The corridor is 13 miles long and 100 feet wide.

(Copyright 2006 by The Associated Press. All Rights Reserved.)