City leaders want to sell Cincinnati Southern Railway, but detractors could derail the plan

Happy Friday, readers! Let's jump into the five stories you need to know about from the week that was:

There's a chatter kicking up leading up to the Nov. 7 vote on Issue 22, the ballot measure that would allow the city of Cincinnati to sell the Cincinnati Southern Railway to Norfolk Southern?for $1.6 billion.??

For the city of Cincinnati’s, there’s $400 million in unfunded maintenance needs: A health center with a rat problem. Aging, pockmarked streets overdue for repaving. A city maintenance garage whose floor was deemed in so much danger of collapsing that crews were forced to repair city snowplows on the street in frigid temperatures.

But the campaign has major obstacles to overcome, most of all distrust of City Hall for myriad reasons: the 2020 corruption scandal, a lack of public hearings on the sale and previous councils blowing through other lump sums – such as the proceeds from the Blue Ash airport sale – on what are perceived as pet projects.?

In our Oct. 20 cover story, the?Business Courier’s Chris Wetterich ?has prepared a detailed guideo the potential sale, the financial model for the massive trust fund and opponents’ arguments against it.

And in case you missed here, here’s more Cincinnati Southern Railway news from this week:

• City rejects attempt by attorney to halt Cincinnati Southern Railway forums
• Republicans duel over financial terms of potential $1.6B railway sale
• Luken: Railway board rebuffed request for hundreds of millions from business leaders

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New luxury apartments debut in Hyde Park

PLK Communities , a Cincinnati developer, is wrapping up finishing touches?on the Ila Hyde Park, a 51-unit sustainable luxury residential community just off Wasson Way . The building, located at?3660 Michigan Ave.,?is already about 75% pre-leased and more than 65% occupied, with rents that range from $2,970 to about $4,000 a month.?

NKY school wraps multimillion-dollar fundraising campaign

Newport Central Catholic High School has completed a $13 million capital campaign three months before its goal . The effort, which includes six of the largest gifts in school history, including a seven-figure donation from Patrick Burke , will allow for the adding of a new science center and athletic complex at the school.?

Cincinnati public company names new leaders as Nasdaq notices loom

Blue Water Biotech Inc. , once one of Cincinnati’s best-funded startups, has named a new CEO and CFO . The hires come weeks after the company received two separate #Nasdaq delisting notices.

Rhinegeist removes interim title for CEO

Over-the-Rhine-based Rhinegeist Brewery , the region’s largest craft beer maker, and by a long shot, has officially named Adam Bankovich its CEO . Bankovich had been serving in that capacity on an interim basis since April.

Brewery co-founder Bryant Goulding , who founded Rhinegeist with Bob Bonder in 2013, said leadership took a comprehensive look at many candidates, but ultimately decided Bankovich was the best fit. Rhinegeist is the 23rd-largest craft brewery in the nation ?and sold more than 106,000 barrels last year.

This Weekly Edition was compiled by Digital Editor?Liz Engel . Questions? Comments? Send them to?[email protected] .?

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