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Today, RailAmerica Inc. announced it will transfer ownership of the E&N Railway’s right of way in British Columbia to the Island Corridor Foundation for $850,000 in cash and a $300,000 promissory note.

The non-profit foundation — which is managed by 13 First Nations groups and six Vancouver Island municipalities — plans to use the 181-mile line to provide passenger-rail service.

E&N Railway will continue to operate the railroad until operations are transferred to a new operator on or before June 30. In fall, RailAmerica, which owns and operates 42 U.S. and Canadian small roads, announced plans to dispose of the short line.