I don’t believe there is any possibility that Norfolk Southern would simply relinquish the line to Fuquay-Varina. Although there are no significant freight customers on the line as far south as F-V, it provides NS with access to their line between F-V and Fayetteville – a line which does have significant business, such as the Goodyear plant in Fayetteville that employs 2000+ people. If the line was not a source of profit, NS would not have retained it.
There is a possibility that NS will sell or lease the line to a non-unionized railroad that could operate it more cost-effectively, but that’s TBD and it wouldn’t really change the fact that the line is economically important for manufacturing.
NS has a written policy on passenger rail within its right of way. NCRR between Charlotte and Greensboro is a special case, but otherwise the position is clear: government pays for everything including separate trackage, and government bears risks up to the extent that the law allows.