The line from Santa Fe to Richmond was applied for in 90-91. Petition for operation was filed for by Kokomo Grain, saving the line from Phoenix to Amboy. The remainder would be abandoned.
Rail removal started in the fall of 1992, the rail was picked up from Santa Fe to Amboy, then the rail train was moved to Marion, just east of Phoenix siding, the rail was removed from there to Richmond. By winter time, the rail was removed to just short of Fowlerton. Winter weather and cold temps delayed removal for a short time, but the line was pulled up to Muncie by early spring. In late March, they were past Losantville and reached Richmond by mid May. The final rail train pulled out at the end of May.
The sub contractor took there time removing the ties and old siding track, but by 1996 the only sign of the railroad was the signs and poleline.
The line from Gaston to Jonesboro was returned to the farmers, making it the only segment not to get the trail.
Currently the "Cardinal Greenway" owns the right of way for the remainder of the line.
3 segments have already been opened, from Marion (east of Phoenix siding) at Miller Ave. to Jonesboro.
Gaston to South Prarie trail head (just shy of the old Henry passing track, on the south edge of the Resivior)
Richmond Gorge trail head, only uses a small segment.
The trail from Richmond to South Prarie trailhead isn't in yet. I haven't heard a time frame on this segment yet either.
The group also restored the old C&O depot at Muncie. It is the office for the Cardinal Greenway, but also hosts a giftshop and shows what the depot use to be. It has been beautifully restored and it a cornerstone of the trail. I am not sure what the status of the depot in Richmond is, but its just a reverse design of Muncie.
The depot in Marion was demolished by CSX or Chessie (I think Chessie).