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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. 


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Chicago Transit Authority

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).