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Yesterday, Union Pacific Railroad and the Regional Transportation District of Denver (RTD) closed on a $118 million land transfer deal.

The Class I transferred to RTD its 33-mile Boulder Industrial Lead from Brighton Boulevard in Commerce City to Boulder, Colo. The agency will use the right of way to construct its North Metro line. UP has reserved a rail easement to continue providing freight service on the first eight miles of the lead. Once RTD begins construction on the corridor, freight operations will transfer to specified time windows.

The transaction will result in a $115 million pre-tax gain in the second quarter, UP said.