The Fight To Stop The Sale Of The Only Municipally-Owned Railroad
When Norfolk Southern first proposed to buy Cincinnati’s publicly-owned 336-mile stretch of railroad for nearly one billion dollars in July 2021, it probably seemed like an easy and lucrative deal for both the corporation and city officials — a deal that got even sweeter as the price was eventually upped to $1.6 billion.
Under the offer, the company would gain total control of a crucial link in the rail network stretching between Chicago and Atlanta. And the city would get a big chunk of cash for infrastructure and other spending.
But as Cincinnati residents prepare to vote on a Nov. 7 referendum necessary to complete the deal, as required by the state constitution, it’s becoming clear that the railroad behemoth and city leaders may not get their way.