Our legacy for vision and growth rolls on.

From tracks and trains to transformative investment fund stewardship.
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Improving our city for generations

For over a century, the Cincinnati Southern Railway served as a vital link, connecting our city to opportunity. Today, our story continues—not as tracks and trains but as a transformative investment fund fueling Cincinnati’s future. CSRT was established to ensure the proceeds from the railway sale are used responsibly and transparently to improve the lives of all Cincinnatians. Guided by a dedicated board of trustees, the fund is committed to fostering growth, building trust, and creating meaningful change across our city.

Driving progress responsibly

The sale of the railway and the investments we’ve made are already benefiting the city, contributing twice as much to city improvements in the first year than would have been made from leasing the rail line alone. With a goal of 5% fund growth annually, these investments will continue to bear fruit year over year. All funds allocated to the city are guided by the principles of the Ferguson Act to support public infrastructure improvements, creating a safer, more vibrant community.

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What fuels our efforts

Transparency

It's essential that we keep the citizens of Cincinnati informed of fund activities every step of the way.

Accountability

Decisions are made with integrity, guided by the best interests of Cincinnati’s citizens.

Impact

From road repairs to healthcare facilities, the projects funded by CSRT make a tangible difference.

Governance:

Guided by the Ferguson Act of 1869

The governance of the Cincinnati Southern Railway Trust is led by a five-member Board of Trustees, as established by the Ferguson Act. Trustees are appointed by the Mayor of Cincinnati and must be approved by the Cincinnati City Council. To ensure balanced representation, the CSR bylaws require disclosure of political affiliations and stipulate that no more than three members of the same political party may serve on the Board simultaneously. Trustees serve five-year terms with no term limits. While trustees were compensated in the past, today’s Board members volunteer their service without pay, reflecting their commitment to the city’s growth and prosperity.

For more details about the role and responsibilities of the Board of Trustees, please review the CSR bylaws.

Meet the Board of Trustees

The CSRT Board is composed of civic leaders, financial experts, and community advocates—all united by a shared commitment to Cincinnati’s progress.

Liz Keating

Republican

Ms. Keating has served as a Board Trustee since 2025. She served as a member of Cincinnati City Council from 2020 – 2024. Prior to City Council, she spent 10 years as the Marketing Director of the Jim Stengel Company. She currently serves as Vice President of Government Affairs at the Cincinnati Regional Chamber. Ms. Keating has a degree in International Relations from UCLA.

Mark Mallory

Democrat

Mr. Mallory has served as a Board Trustee since 2018. He is Cincinnati, Ohio’s first directly elected black mayor, having served two terms from 2005 to 2013. Before serving as Cincinnati’s 68th mayor, Mr. Mallory served as a State Senator from 1999 to 2005. He also served as a State Representative from 1995 to 1999, having followed his father, William L. Mallory, Sr. who also served in the Ohio House for 28 years. Mr. Mallory is President of Mark Mallory & Associates Consulting. He earned his B.A. in Management from the University of Cincinnati.

Paul Muething

President, Republican

Mr. Muething has served as a Board Trustee since 2018. He is an attorney with Keating Muething & Klekamp PLL, where he currently serves as Chairman of the firm’s Board of Directors. Mr. Muething’s practice is focused primarily in the areas of business planning, corporate law, and real estate development representing both public and private companies. Mr. Muething earned his law degree at the University of Cincinnati College of Law and his B.A. from Xavier University.

Paul Sylvester

Treasurer, 
Democrat

Mr. Sylvester has served as a Board Trustee since 1984. Mr. Sylvester is a CPA licensed in the State of Ohio. Mr. Sylvester has ten years of public accounting experience with Coopers & Lybrand in Cincinnati, Ohio, in addition to his twenty years of experience in Chief Financial Officer and Treasury functions in three privately owned construction or construction supply companies. Mr. Sylvester earned his MBA at the University of Cincinnati and his B.S./B.A. at The Ohio State University.

Frequently asked questions

The Cincinnati Southern Railway Trust is a financial entity created from the Cincinnati voter-approved sale of the city-owned Cincinnati Southern Railway to Norfolk Southern in March 2024 for $1.6 Billion.

The Railway was sold to create additional revenue for the city to utilize in perpetuity for the maintenance and improvement of existing infrastructure, including roads, municipal buildings, parks, recreation centers, police and fire stations and more.

The CSRT board is primarily responsible for the management and investment of the trust fund. Their focus is on ensuring the fund’s growth and stability, generating a consistent revenue stream. The Board determines how much of the fund to distribute to the City of Cincinnati on an annual basis, in accordance with state law. They are also responsible for ensuring that the funds are invested in a prudent manner.

The City of Cincinnati is the recipient of the revenue generated by the trust fund. The city government, specifically the City Council, is responsible for determining how those funds are spent on infrastructure projects.

This division of responsibility is designed to ensure both sound financial management and responsible use of public funds.

Ohio state law, particularly the Ferguson Act, dictates the use of funds and restrictions to use. Funds from the CSRT may only be used for the rehabilitation, modernization, or replacement of existing infrastructure improvements.
Under the Ferguson Act, payments to the City are suspended if the principal amount in the trust fund is 75 percent or less than the previous year. This safeguard is designed to protect the long-term viability of the fund.
Additionally, City officials report to the board of trustees on both their plans for spending the CSRT distribution funds and their actual use of funds annually and give quarterly updates to the board regarding which projects have been started since their last report.

The fund is managed by the Cincinnati Southern Railway Trust Board of Trustees. The board is responsible for investing the fund’s assets and ensuring that the revenue is used in accordance with state law and the fund’s purpose. The primary goals of the board are to preserve the trust balance by growing the fund by an average of 5.5% annually and to provide the city with an annual revenue stream to support infrastructure.

Board meetings are held quarterly and are open to the public. More information can be found here.

All meeting minutes, along with monthly and annual financial reports are available here. Additionally, proposed and in-process projects made possible by CSRT funds are shared here.

To alert the city of an infrastructure repair or maintenance project that needs attention, you may contact them here.

To alert the city of an infrastructure repair or maintenance project that needs attention, you may contact them here.

More information on current and planned projects can be found here.

This website contains minutes from all CSRT board meetings, investment reports, and projects utilizing funds. Additionally, all board meetings are open to the public. If you have additional questions, you can contact us here.

It was the first and only city-owned interstate railroad in the United States. Its creation was enabled by the state of Ohio’s Ferguson Act on May 4, 1869. The decision to build a city-owned railroad was a major political undertaking, requiring significant public support and investment. Cincinnati’s location, while advantageous for river trade, presented challenges for rail expansion. The surrounding terrain made it difficult to build rail lines.

The Cincinnati Southern Railway was a bold attempt to overcome these geographic limitations and establish a vital transportation link. More information about the history of the Cincinnati Southern Railway can be found here.

Click here to contact the CSRT with additional questions or concerns. If you are interested in sharing specific infrastructure needs with the city, you can do so here.

If you have a question not answered here, please don’t hesitate to contact us with your inquiry.

Contact
Mailing Address:
Cincinnati Southern Railway Trust
PO Box 8039, Cincinnati, OH 45208
2025 @ Copyright
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