COOS BAY — Local port officials have agreed to buy the Coos Bay rail line, accepting the price established by the U.S. Surface Transportation Board.

That doesn’t mean the port is happy with the $16.6 million price tag, though.

Right after authorizing the purchase, the port commission asked its attorneys to file a petition for reconsideration with the STB.

The port’s executive director, Jeffrey Bishop, said the STB needs to revisit several issues it used to produce a sale price, as well as its refusal to force Central Oregon & Pacific Railroad to help pay for tunnel and line repairs.

“Port staff is very disappointed with the board’s ruling,” he said. “Specifically the board not considering the cost of removal of bridges on the Siuslaw and Umpqua rivers.”

The Oregon International Port of Coos Bay officials have argued that if CORP were to abandon the line, the U.S. Coast Guard would declare the bridges a public nuisance, requiring their removal. They estimated the cost of removing the bridges at $7.7 million, which they have requested be deducted from the price of the 111-mile rail line.

“Common sense would dictate that these bridges would have to be removed,” Bishop said.

The port also wants the STB to reconsider the cost of the land underneath the track and relay rail. (Relay rail is used rail that can be reused.) While the STB set the cost of scrap metal at the market price as of Oct. 31, it set the price of relay rail based on the amount included in a report from Sept. 12.

Although the port disputes the overall price, it had to agree to the sale before Dec. 1. Otherwise CORP would have received approval to abandon the line. The sale doesn’t close until Feb. 18, which means the board could agree to reduce the price before that date.

Commission President David Kronsteiner said it was important to keep the process moving.

“The line has value for the community,” he said after the meeting. “We need to go forward.”

He also was disappointed with the STB’s ruling, suggesting CORP wouldn’t be able to find another buyer willing to pay that price in the present market.

“If we wanted to turn around and sell it, we couldn’t sell it for that price,” he said.

The STB approved the port’s feeder-line application on Oct. 31, though the final price wasn’t disclosed until Wednesday.

The port has several potential funding sources, including state and federal grants, and a loan commitment from Umpqua Bank.

The port commission also asked its staff to issue a request for qualifications for the port’s banking services. Bishop said it is customary to put the banking service contract out to bid every few years.