Port of Seattle Buys Woodinville Subdivision
http://www.portseattle.org/business/realestate/RailMOU.shtml
http://seattlepi.nwsource.com/local/362734_trail13.html
Interesting. This leaves open the possibility that this line could be re-used for commuter rail to the Eastside, which is sorely needed. The original plan involved shutting down the line completely and turning it into a biking trail.
More: http://www.eastsiderailnow.org/
Update May 28th: Deal signed to start Snohomish- Bellevue commuter train runs
Ben