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. โ A public hearing will be held Monday to discuss the funding reimbursement plan for Charlotte’s $93 million Red Line transit project. The meeting will be held at 6:30 p.m. at the Charlotte Mecklenburg Government Center, which is located at 600 E. Fourth Street.
Charlotte City Council members have created 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.
The proposed $93 million would be secured through a financing contract, granting the city manager the authority to manage the financing details. Councilmembers voted unanimously to approve the deal.
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 Sept. 3 last year.ย
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.
Following the public hearing, the Local Government Commission is expected to review and potentially approve the budget during a meeting in April.
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