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Canadian Pacific Railway recently reached an agreement with Richmond, British Columbia, to sell the west leg of the Van Horne Spur to the city. Richmond will acquire the rail corridor and about 13 acres for $12.2 million in cash and future payments exceeding $6 million to cover the value of the rail and other track materials.

During the next six weeks, CPR will remove track so the city can begin realigning an adjacent road. Richmond officials plan to use the rail right of way and land to build North Loop Road, a four-lane highway designed to improve traffic flow through the downtown area and replace River Road as the city’s primary cross-town bypass. CPR will continue to operate portions of the spur as a private siding until 2010.

“We are pleased to have been able to support the city in its long-term planning initiatives and its participation in the 2010 Winter Olympics,” said CPR President Fred Green in a prepared statement.