The town of Hillsborough presented seven potential sites for a new rail depot last night.
For more info, check Hillsborough's Development Activity page—they said they'd have info there by Friday January 16, 2009. Meanwhile, I've put a map of the locations with some notes here.
Two of the sites (5-Hampton Pointe & 6-Collins Property) are on the current Triangle Transit route 420. A quick and efficient connection to regional bus service is critical for many traveling to/from Chapel Hill.