TIF Proposed for a Pair of CTA Renovation Projects in the Loop
A pair of Chicago Transit Authority (CTA) infrastructure improvements in the Loop would be assisted with up to $9.1 million in Tax Increment Financing (TIF) under a proposal introduced today to City Council by Mayor Lori E. Lightfoot.
The rehabilitation of the CTA elevated tracks at the east and west approach positions to the Lake Street Bridge over the Chicago River would be supported with $7 million in TIF financing. The work would include new rails, switch points, signal systems, and related elements. The project would be coordinated with the Chicago Department of Transportation’s (CDOT) planned replacement of the movable bridge, which carries the CTA’s Pink and Green lines. The balance of the $8.2 million renewal project would be funded by the CTA. The bridge was originally constructed in 1916 and last renovated in 1995.
Improvements to the Monroe Street subway between Arcade and Marble places would be financed entirely with $2.1 million in TIF funds. The work would include the replacement of street-level vent grates, updating the emergency lighting system, and the addition of new LED tunnel lighting. The station serves approximately 2.3 million Blue Line riders annually.
Work on both projects is expected to be completed in 2022.
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