2024 Federal Budget Includes $350M Capital Grant for CTA’s Red Line Extension
The Biden administration’s 2024 budget proposal includes a $350-million capital grant toward extending the Chicago Transit Authority’s (CTA) Red Line south to 130th Street, reported Crain’s Chicago Business. The funding comes just three months after the City Council approved the creation of a new tax-increment financing district that would raise $950 million over three decades to help pay for the estimated $3.6-billion project.
Although the $350 million is a fraction of the $2.2 billion the city is requesting from the federal government, if approved it will add momentum to the feasibility of the project with the city, CTA and Biden administration making investments, Crain’s reported.
The 5.6-mile extension plan includes four new stations to be located at 103rd Street, 111th Street, Michigan Avenue between 115th and 116th streets, and at a new 130th Street terminal. It has been proposed for decades but got renewed momentum from Mayor Lori Lightfoot.
