The Chicago Transit Authority has been exploring the idea of extending the Red Line south from 95th Street for years, but that vision could be taking a significant step closer to reality thanks to a massive influx of funds from President Joe Biden's fiscal year 2024 budget.
The proposed budget, released Thursday, earmarks nearly $4.5 billion for 18 large-transit projects in 11 states, and one of those projects is the CTA Red Line extension, with the president calling for $350 million in funding for the undertaking.
The proposed extension would run for 5.6 miles between the Red Line’s current stopping point at 95th Street to 130th Street, according to officials.
Four 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 120th Street, according to CTA officials.
A new Tax Increment Financing (TIF) district that would help provide financial backing to the extension was approved by the Chicago City Council last year.
In all, the project is expected to cost $3.6 billion. The 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," Mayor Lori Lightfoot said.
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According to officials, 67 million riders used the Red Line in 2019, making it the CTA’s most heavily-used line.
According to a press release, a Transit Facility Improvement Area was designated between Madison Street and 134th Street, stretching in one half-mile in each direction. That would determine where TIF funds could be spent.
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A Redevelopment Project Area was designated between Madison and Pershing Road, which would generate property tax growth on 7,726 parcels of land spread out across 1,445 acres within a half-mile of the TFIA.
Finally, a TIF redevelopment plan will be designed to outline the scope, budget and allocation of funds generated by the new district.
“The Red Line Extension will be one of the single-biggest investments on the Far South Side in decades,” CTA President Dorval Carter Jr. said in a statement. “RLE has been a community-input-driven project form the start, and members of the surrounding communities will remain vital in helping shape this project and its path forward.”
Under the terms of the plan, which can be viewed on the Chicago City Clerk’s website, tracks for the project would be elevated between 95th Street and 119th Street before returning to street level through 130th Street on the Far South Side.
Stations would be constructed at 103rd Street, 111th Street, near the intersection of Michigan Avenue and 116th Street, and at 130th Street near the Altgeld Gardens housing complex, according to officials.
