Cincinnati voters decided on Election Day to allow their city to sell the Cincinnati Southern Railway to Norfolk Southern.
Tuesday’s vote was 51.56% in favor of the sale and 48.44% against the sale, according to Ballotpedia. By votes, those supporting the sale were 43,173 and those against the sale were 40,559 — a difference of 2,614.
The Cincinnati Southern Railway Board of Trustees owns the 382-mile railroad in a trust and leases it to NS (NYSE: NSC) for Cincinnati’s benefit. The city currently receives about $25 million annually from NS, according to a local news report in February.
The city announced in November 2022 that it was considering selling the railway to NS for $1.62 billion to help fund city infrastructure improvements, according to news reports. NS would pay for the transaction through a combination of internal and external sources, the railroad said last year.
Cincinnati has owned the land beneath the track for almost two centuries, but NS operates the rail line, according to NS.
In response to Tuesday’s note, NS spokesperson Tom Crosson said: “This is a victory for the citizens of Cincinnati. Current and future generations will reap the benefits of new infrastructure investments, helping to create a better future for the city. We appreciate all of the community leaders and groups who endorsed Issue 22 — especially Mayor Aftab Pureval, the City Council, and the Board of Trustees of the Cincinnati Southern Railway. We also thank the staff and volunteers who made this a successful campaign. Now, we will work with the city to finalize the sale, which we expect to close in Q1 of 2024.”
Subscribe to FreightWaves’ e-newsletters and get the latest insights on freight right in your inbox.
Click here for more FreightWaves articles by Joanna Marsh.
Related links:
Brokerage Compliance Symposium
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
F3 Awards Dinner
The night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
F3: Future of Freight Festival
Industry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The day before F3. Every compliance issue you face - fraud exposure, carrier liability, FMCSA rules, cargo theft, insurance gaps - navigated by attorneys and operators defining best practices in a changing industry.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowThe night before F3. FreightTech100 companies honored. FreightTech 25 and Shipper of Choice winners revealed live. Cocktail reception into dinner and live music - 300 industry leaders in one purpose-built room.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register NowIndustry-defining keynotes, rapid-fire technology demos, and industry leaders networking in experiences across Chattanooga - plus the inaugural F3 Awards Dinner featuring the FreightTech and Shipper of Choice reveals.
The Signal at Chattanooga Choo Choo • Chattanooga, TN Register Now