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CMAP calls for $150 million EJ&E escrow fund (10/1/08)

The Chicago Metropolitan Agency for Planning (CMAP) is asking a federal review board to require the Canadian National (CN) railway to prepare a binding plan for mitigating the effects of its proposed acquisition of the Elgin, Joliet, and Eastern (EJ&E) railway. CMAP also recommends that CN be required to put $150 million in escrow for 10 years to help fund grade crossings and other improvements.  The agency’s position is stated in a letter sent to the Surface Transportation Board (STB), which recently issued a draft environmental impact statement (EIS). The EIS will be the basis for the STB's decision on whether to approve the CN's proposed acquisition of the EJ&E.  Read more in a CMAP news release issued October 1, 2008.