The City of Chicago recently entered into a settlement agreement with Chicago Terminal Railroad Company (CTRC), and obtained a final order from the Surface Transportation Board, resulting in the termination of the CTRC’s easement interest in the rail lines running within North Kingsbury Street (from approximately West Division Street to West Willow Street) and north of North Clybourn Avenue across private property and certain City right of way, including a portion of North Lakewood Street.

Under the Settlement Agreement, the City also acquired the right to the CTRC rail track located in the City’s right of way. Under the Settlement Agreement and applicable law, CTRC has a 180 day period (i.e., until approximately January 15, 2011) to, at CTRC’s election, remove any rail track located on private property and to salvage such material. If CTRC does not remove such track within this 180 day period, the former CTRC rail line will have been deemed to have been abandoned in place and any private property owner shall thereafter have the right to remove and salvage any rail track located on such private owner’s property.

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The City of Chicago recently entered into a settlement agreement with Chicago Terminal Railroad Company (CTRC), and obtained a final order from the Surface Transportation Board, resulting in the termination of the CTRC’s easement interest in the rail lines running within North Kingsbury Street (from approximately West Division Street to West Willow Street) and north of North Clybourn Avenue across private property and certain City right of way, including a portion of North Lakewood Street. Under the Settlement Agreement, the City also acquired the right to the CTRC rail track located in the City’s right of way. Under the Settlement Agreement and applicable law, CTRC has a 180 day period (i.e., until approximately January 15, 2011) to, at CTRC’s election, remove any rail track located on private property and to salvage such material. If CTRC does not remove such track within this 180 day period, the former CTRC rail line will have been deemed to have been abandoned in place and any private property owner shall thereafter have the right to remove and salvage any rail track located on such private owner’s property.