Post by title1parent on May 14, 2008 5:54:03 GMT -5
CN wants deadline set for EJ&E sale
Company asks for decision by December
May 14, 2008
Sun staff
Officials with Canadian National Railway filed a 54-page request Tuesday with the U.S. Surface Transportation Board seeking a timeline, including a Dec. 1 deadline for a final decision on its proposed purchase of the Elgin, Joliet and Eastern Railway.
The company is concerned that a dragged-out process will hinder the purchase of the EJ&E line.
"The significant public benefits of the transaction have been put at risk by the lack of certainty regarding the likely date for concluding the review process and this proceeding," CN states in the document. "The board is required, upon request, to impose time limits, and the time limits suggested by CN here are reasonable given the circumstances of this case."
IF YOU GO
A Canadian National Railway executive will provide a briefing to the Naperville Chamber of Commerce on Friday morning about CN's proposed acquisition of the Elgin, Joliet & Eastern Railway. Jim Foote, executive vice president of sales and marketing for CN, will speak at 7:30 a.m. Friday at the Hilton Lisle/Naperville, 3003 Corporate West Drive, Lisle. Registration for the Friday program is $25 and may be made online at www.naperville.net or by calling 630-355-4141, Ext. 0.
CN's proposed timeline calls for a draft of the Environmental Impact Statement to be served by July 15, and the final EIS by Nov. 3. The company is seeking a final decision on the purchase by December.
In the fall, CN announced plans to buy EJ&E for $300 million, pending approval from the Surface Transportation Board. The Montreal-based company wants to buy the 198-mile line so it can re-route traffic around congested tracks in Chicago. The line passes through Naperville and several neighboring communities. Should the sale go through, train traffic in the Naperville area is expected to increase from 15.7 trains per day to 42.3 trains.
Had only an environmental assessment and not the EIS been required, the STB would have had to make a decision by April 25, as the transaction is being considered as a minor one. On April 25 the STB issued its final scope of study for the EIS.
Since the purchase was announced, area residents and governmental leaders have voiced their opposition to the plan, citing concerns about increased traffic, rail crossing safety and pollution.
"Opponents of the Transaction have made it clear that they hope to use the environmental process not only as a means to facilitate a hard environmental look, but also as a means to stall the transaction until it dies or to impose onerous mitigation that would make the transaction economically infeasible," CN states in Tuesday's filing. "... The board should not allow the mere fact of vocal opposition that presents no novel or intractable analyses to frustrate a transaction that would provide significant and national public benefits."
Company asks for decision by December
May 14, 2008
Sun staff
Officials with Canadian National Railway filed a 54-page request Tuesday with the U.S. Surface Transportation Board seeking a timeline, including a Dec. 1 deadline for a final decision on its proposed purchase of the Elgin, Joliet and Eastern Railway.
The company is concerned that a dragged-out process will hinder the purchase of the EJ&E line.
"The significant public benefits of the transaction have been put at risk by the lack of certainty regarding the likely date for concluding the review process and this proceeding," CN states in the document. "The board is required, upon request, to impose time limits, and the time limits suggested by CN here are reasonable given the circumstances of this case."
IF YOU GO
A Canadian National Railway executive will provide a briefing to the Naperville Chamber of Commerce on Friday morning about CN's proposed acquisition of the Elgin, Joliet & Eastern Railway. Jim Foote, executive vice president of sales and marketing for CN, will speak at 7:30 a.m. Friday at the Hilton Lisle/Naperville, 3003 Corporate West Drive, Lisle. Registration for the Friday program is $25 and may be made online at www.naperville.net or by calling 630-355-4141, Ext. 0.
CN's proposed timeline calls for a draft of the Environmental Impact Statement to be served by July 15, and the final EIS by Nov. 3. The company is seeking a final decision on the purchase by December.
In the fall, CN announced plans to buy EJ&E for $300 million, pending approval from the Surface Transportation Board. The Montreal-based company wants to buy the 198-mile line so it can re-route traffic around congested tracks in Chicago. The line passes through Naperville and several neighboring communities. Should the sale go through, train traffic in the Naperville area is expected to increase from 15.7 trains per day to 42.3 trains.
Had only an environmental assessment and not the EIS been required, the STB would have had to make a decision by April 25, as the transaction is being considered as a minor one. On April 25 the STB issued its final scope of study for the EIS.
Since the purchase was announced, area residents and governmental leaders have voiced their opposition to the plan, citing concerns about increased traffic, rail crossing safety and pollution.
"Opponents of the Transaction have made it clear that they hope to use the environmental process not only as a means to facilitate a hard environmental look, but also as a means to stall the transaction until it dies or to impose onerous mitigation that would make the transaction economically infeasible," CN states in Tuesday's filing. "... The board should not allow the mere fact of vocal opposition that presents no novel or intractable analyses to frustrate a transaction that would provide significant and national public benefits."
