February 20, 2009: The Virginian-Pilot "Light-rail parcel in Va. Beach not worth $40M, appraisal says"
Submitted by VHSR on February 20, 2009 - 3:00am.
Rail News
While city officials work to raise $40 million to buy the old Norfolk Southern rail line, a city appraisal says the land is worth much less.
The city won’t release the appraisal, citing “ongoing negotiations,” but officials familiar with it said it values the corridor, the likely route for a light rail project, at about $6 million. The assessed value of the rail line – the amount Norfolk Southern pays taxes on – is $7.3 million.