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.
Browse articles on CTA on Progressive Railroading
- Raise fares or cut service or ...? More 'new normal' considerations for transit agencies
- For the rail finance and leasing sector, a promising year ahead
- Q4 2011: All in all, it's just another brick in the 'renaissance' wall
- Ridership: For transit agencies, the 'operate and they will come' mantra is giving way to a marketing-based approach
- Building the brand that is passenger-rail service; Surface talk about transportation bills — by Pat Foran (Context February 2012)
- Positive train control: FRA expects to ramp up PTC regulatory efforts as railroads amp up implementation work
- Maintenance of way: Vegetation management/weed control
- Rail car leasing: 'Same old, same old' as the new paradigm — by Toby Kolstad
- Capital ideas: Progressive Railroading's 2012 Finance & Leasing Guide
- Rail industry data and trends from Progressive Railroading February 2012
- Transit agencies jointly tackle leadership succession planning