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The Port of Seattle has teamed up with Sound Transit, King County, the city of Redmond, Puget Sound Energy and the Cascade Water Alliance to preserve the Eastside Rail Corridor.

The port is seeking to obtain ownership of the 42-mile rail line — which stretches from Snohomish to Renton with a short spur through Redmond — from BNSF Railway Co. Last week, the port and its partners signed a memorandum of understanding that outlines components of the plan.

The port plans to maintain freight-rail service between Snohomish and Woodinville, while King County and Sound Transit would acquire rights in the southern section between Woodinville and Renton. The southern portion of the track will be preserved for dual transportation and recreation uses under the federal rail banking program.

“Putting this corridor in public ownership supports Sound Transit’s upcoming East Link light-rail construction and other possible long-term transit investments in the corridor,” said Sound Transit Chief Executive Officer Joni Earl in a prepared statement.

The port is scheduled to close on the corridor deal with BNSF Dec. 15.