Author: Charles A. Spitulnik

Publisher:

Published: 2016

Total Pages: 38

ISBN-13: 9780309375023

This legal research digest presents potential issues and solutions that may emerge when state and local governments seek to acquire real property interests from an operating railroad in active rail corridors. The discussion is presented in two parts: 1) an exposition of the issues and rationale that might arise in the planning for and implementation of a transaction that involves acquisition of real property in an active rail corridor; and 2) an annotated term sheet template for pursuit of the transaction. The desire for acquisition usually grows out of recognition of the need to create a new or improved transit system along a fixed guideway designed to alleviate increasing traffic congestion and improve deteriorating environmental conditions in the local and broader community. These real estate transactions, although they might appear to be routine, are not and involve dealing with complexities unique to property owned and used by operating railroads. The term sheet offers options for a variety of approaches to facilitate application in response to specific project characteristics. It also provides references and examples to illustrate real-world applications.