HB2897 Summary

• Amends the Railroad Revitalization Act to modify the Department of Transportation's authority to sell state-owned railroad property by requiring a formal request for proposal process with at least 90 days for interested parties to respond.

• Mandates that the Secretary of Transportation, Secretary of Finance, Secretary of Commerce, Secretary of Agriculture, and Secretary of Energy conduct evaluations and economic impact studies of all proposals before making recommendations.

• Requires any determination by the Transportation Commission to sell railroad assets to be approved by Joint Resolution of both the Senate and the House of Representatives, with written notice to legislative leadership.

• Allows the Legislature to provide recommendations on railroad asset sales that the Commission must consider alongside all other proposals and statutory requirements.

• Takes effect November 1, 2014.