The Town has signed an agreement to acquire the CSX right of way for $6.35 million based on the CSX valuation methodology used for their abandoned corridors. The intention is to fund the acquisition with a combination of mitigation funds, a state grant and private fundraising through a non-profit called Friends of Natick Trails, who have signed an agreement with the Town to raise money for the project.
The construction cost of approximately $7 million will be paid for by the federal and state government through the Transportation Improvement Program (TIP). The CRT is programmed for Federal Fiscal Year 2018.
The design and related costs of approximately $800,000 have been funded by mitigation and smart growth incentive payments. CRT Task Force is evaluating project costs as part of its assignment by the Natick Board of Selectmen. The costs may include acquisition, design, construction and maintenance.