Chicago Mayor Lori Lightfoot unveiled a proposal Wednesday for a massive new Tax Increment Financing (TIF) district that would help provide financial backing to a $3.6-billion extension of the CTA’s Red Line on the city’s Far South Side.
thFour new stations would be added along the route, with park-and-ride facilities installed at each station to help facilitate vehicular and bike traffic in those areas. A new railcar storage and maintenance facility would also be constructed at 120In all, the project is expected to cost $3.6 billion. The proposed TIF district would pump in an estimated $959 million in funding for the project, with the remaining $2 billion expected to come from the federal government and other sources.
“The Red Line Extension project represents one of the most critical investments in CTA’s history, and will undoubtedly be a transformative development for our Far South Side community.” According to officials, 67 million riders used the Red Line in 2019, making it the CTA’s most heavily-used line. If approved, the TIF would be the second created specifically for transit in Chicago. The first was designed to help fund the Red Purple Modernization project, generating $622 million in funding toward the $2.1 billion project.
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