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by: Wes Mills, Inside INdiana Business
Posted: / Update:
JEFFERSONVILLE, Ind. (Inside INdiana Business) – The River Ridge Development Authority has announced that it has severed its relationship with Mid-America Rail Storage and Leasing, which provides rail service to the 6,000-acre business park. The two organizations disagreed over the valuation of the rail assets at the River Ridge Commerce Center in Jeffersonville.
Agreement between River Ridge and Mid-America Rail resolves a lawsuit against the commercial park. It also allows for early termination of the railway undertaking’s lease. It was due to end in 2027 but will instead stop by the end of October.
The rail company sued River Ridge, saying appraisals on land where a rail yard currently sits were understated. River Ridge wants to use the land for redevelopment.
“We are delighted that we were able to come to a fair and equitable agreement that meets the needs of Mid-America and River Ridge,” said Jerry Acy, Executive Director of River Ridge.
With the termination of the lease with Mid-America, River Ridge says it can now accelerate a new partnership with Denver-based OmniTRAX to operate rail service in the park.
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