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R. J. Corman Railroad Group LLC announced earlier this month that it is discontinuing efforts to establish an intermodal port on the Cumberland River in Clarksville, Tenn.
Based on rising construction costs, the project no longer is a viable economic benefit for the company, R. J. Corman Chairman Fred Mudge said in a press release.
The port was being developed in partnership with Nyrstar Clarksville, a zinc production company located on R. J. Corman Railroad Co.’s Memphis Line. R. J. Corman began partnering with Nyrstar Clarksville to develop the port in 2004.
Nyrstar owns and operates a dock and conveyor system on the river that R. J. Corman intended to utilize and expand into a larger facility. The expansion would have included a 55-railcar capacity loop track, on-site storage space, several additional conveyors and multiple pieces of heavy equipment.
The facility would have served businesses in the Clarksville and Montgomery County area.
Initial cost estimates for the project were $7.5 million, with $6 million in funding set to come from the Congestion Mitigation and Air Quality program via the Tennessee Department of Transportation. R. J. Corman pledged $1.5 million toward construction of the port and an additional $4.7 million in assets required to perform daily operations of the facility.
But costs continued to increase to more than $11 million, creating a $3.5 million deficit in funding, R. J. Corman officials said.
"Despite many years of planning, R. J. Corman regretfully renounces their efforts to establish the Cumberland River Port Facility," said Mudge. "However, R. J. Corman fully intends to remain a reliable railroad partner for businesses in Montgomery County."