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CSX Corp. announced yesterday it has closed the first phase of a comprehensive $525 million rail agreement with the commonwealth of Virginia.
The transaction is part of Virginia’s previously announced multibillion dollar rail-transportation initiative to improve service and infrastructure in the state.
Last month, CSX agreed to sell certain interests in three rail-line segments to Virginia for a total of $525 million. The first phase of the agreement calls for the conveyance of a permanent land easement to enable the separation of passenger- and freight-rail operations in the corridor between Washington, D.C., and Petersburg, Virginia.
"This transaction highlights our ability to find creative ways to generate meaningful value from our assets while enhancing the safety and efficiency of passenger and freight rail service in a vital transportation corridor," said CSX President and Chief Executive Officer James Foote in a press release.
The remaining phases of the deal relate to line segments from Petersburg to Ridgeway, North Carolina, and from Doswell, Virginia, to Clifton Forge, Virginia.
CSX anticipates closing on the remaining conveyances over the next two years.