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8/22/2018
Progressive Rail Inc. has reached an agreement to lease an industrial lead track from Union Pacific Railroad in Clackamas, Oregon. The parties intend to consummate the proposed lease transaction on or about Aug. 31.Progressive Rail is seeking Surface Transportation Board approval to create Clackamas Valley Railway LLC (CVR) to lease and operate the 1.6-mile industrial lead, and to continue in control of its other eight short lines along with the new railroad. The company expects to complete the continuance-in-control transaction — which would enable Progressive Rail to undertake the planned lease and operation of the lead — on or about Sept. 15.Per the UP agreement, CVR would lease the industrial lead and related ancillary trackage and assets from the Class I. The short line would provide all common-carrier rail service to shippers on the track. The industrial lead has no mileposts and currently is operated by UP as excepted track.