Item 7a Supp

7a Supp
December 15, 2009



BNSF Eastside Rail Corridor
Acquisition Briefing
Port of Seattle Commission
December 15, 2009

Phase 1--Acquisition
Port of Seattle closes on purchase 12-17-09
Acquisition price--$81.5MM
Port of Seattle concurrently executes:
Operating license with GNP Railway Co.
Operating and maintenance agreement with GNP
Railway Co.

Phase 1Operations
GNP Railway Co.
Acquires freight easement from BNSF
Provides freight service Woodinville to Snohomish
Assumes maintenance and repair obligations for the
corridor
Acquires excursion train rights Snohomish to 124th on
the Redmond Spur
Pays Port of Seattle a concession fee based upon
freight volume and excursion passenger counts

Phase 2Reconveyance to Third Parties
Port of Seattle conveys fee interest of most of the
corridor south of Woodinville to King County
Port of Seattle conveys fee interest of the portion of the
Redmond Spur within the city limits to the City of
Redmond
Port of Seattle conveys fee interest of one mile in the
Bellevue area to Sound Transit
Port of Seattle conveys a permanent easement to
Cascade Water Alliance
Port of Seattle conveys a permanent easement to Puget
Sound Energy

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