U.S. Transportation Secretary Anthony Foxx today announced the closing of a $79 million Transportation Infrastructure Finance Innovation Act (TIFIA) loan to the Chicago Transit Authority (CTA) for the 95th Street Bus and Rail project.
"President Obama understands that transportation opens the doors to opportunity, and rebuilding the 95th Street Terminal will do exactly that by providing thousands of Chicago residents with better, safer access to jobs and education," said Secretary Foxx. "This loan is an important investment in the people and future of Chicago."
The project will rehabilitate the current 95th Street Bus and Rail Terminal, which dates from 1969, with an expanded modern facility. The 9.4 mile Dan Ryan Branch of the CTA Red Line, ends at the 95th Street Terminal.
As part of the CTA 2013-2017 Capital Improvement Plan, the Dan Ryan Branch is being fully reconstructed. Improvements to the terminal will mean better bus and rail connections and reduced travel congestion and delays. The project will enable CTA riders connecting to and from rail services to access multiple transportation options, including bus service, bike-and-ride and car sharing. Planned improvements will include increased lighting and security cameras, wider walkways, a pedestrian bridge to reduce potential collisions, full wheel-chair accessibility, improved bus maneuverability and other design amenities lacking in the current 1969 facility.
"This important investment will help replace a terminal built in 1969 with one that will better serve Chicago families and businesses well into the future," said Sylvia Garcia, Chief Financial Officer and Assistant Secretary for Budget and Programs.
The Red Line accounts for nearly 40 percent of annual CTA ridership and the Dan Ryan branch accounts for roughly 20 percent of Red Line trips. Of these, roughly one quarter originate at the 95th Street Terminal.
The construction site, which is over the median of the Dan Ryan Expressway, I-94, will require CTA to purchase a 2.3 acre parcel adjacent to the current terminal in order to serve as a staging area during reconstruction. Following completion of the construction, CTA may convert the stating area to a park-and-ride facility.
The loan will go toward the $240 million total cost of the project. The project also received a $20 million Transportation Investment Generating Economic Recovery (TIGER) grant in 2012 from the U.S. Department of Transportation
The TIFIA credit program is designed to fill market gaps and leverage substantial non-federal investments. Each dollar of federal funding can provide up to $10 in TIFIA credit assistance and support up to $30 in transportation infrastructure investment. Since its launch, the TIFIA program has helped 43 projects turn almost $16 billion in U.S. Department of Transportation assistance into more than $60 billion in infrastructure investment across America. The Moving Ahead for Progress in the 21st Century Act (MAP-21) transformed TIFIA into one of the largest transportation infrastructure loan programs in history, making up to $17 billion available in credit assistance for critical infrastructure projects.