JEFFERSONVILLE, Ind. (Inside INdiana Business) — The River Ridge Development Authority says it has severed its relationship with Mid-America Rail Storage and Leasing, which provided rail service in the 6,000-acre business park. The two organizations were at odds over the appraisal of the rail assets at River Ridge Commerce Center in Jeffersonville.
An agreement reached between River Ridge and Mid-America Rail resolves a lawsuit filed against the commerce park. It also allows for an early termination of the rail company’s lease. It was due to end in 2027 but will instead cease by the end of October.
The rail company sued River Ridge, claiming appraisals on land where a rail yard currently sits, was undervalued. River Ridge wants to use the land for redevelopment.
“We’re pleased we were able to come to a fair and equitable agreement that meets both Mid-America and River Ridge’s needs,” said River Ridge Executive Director Jerry Acy.
With the termination of the lease with Mid-America, River Ridge says it can now expedite a new partnership with Denver-based OmniTRAX to operate rail service in the park.