With more than $5 billion in capital needs for the Red Line, agency officials want to explore a range of alternative financing options that would help reduce a reliance on traditional funding while still completing future projects, CTA officials said in a prepared statement.
“Traditional federal, state and local funding sources are uncertain, and may be insufficient to meet our needs within the next several years,” said CTA President Forrest Claypool. “This agreement will allow the CTA to pursue innovative ideas and possible new funding sources to complete some of the important projects we have planned.”
Among those projects are the modernization of the Red and Purple lines north of Belmont, and an extension of the Red Line from the 95th Street terminal south to 130th Street.
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