How Charlotte plans to repay $93M Red Line purchase

Charlotte City Council drafts a $93 million plan to fund Red Line Project acquisitions, with a public hearing on Feb. 24 and state review expected in April.

CHARLOTTE, N.C. — Charlotte City Council members are meeting Monday to vote on a $93 million financing plan to support the acquisition of the Norfolk Southern O-Line corridor and surrounding properties, a key component of the long-anticipated Red Line commuter rail project.

According to the agenda for Monday’s 5 p.m. city council meeting, members are expected to adopt a resolution authorizing the financing plan. The proposed $93 million would be secured through a financing contract, granting the city manager the authority to manage the financing details.

This includes submitting the necessary paperwork to the North Carolina Local Government Commission for review and approval.

This financing plan aims to reimburse the city for two significant purchases approved by the Charlotte City Council on September 3 last year.

These acquisitions include approximately 22 miles of the O-Line railroad right-of-way for $74 million and 1.6 acres of land near the Charlotte Gateway Station for $17 million. The infrastructure is expected to be used for a future passenger train service between Charlotte and the Lake Norman region.