The Chicago areas three transit agencies need more than $36 billion over the next 10 years in new equipment and infrastructure improvements, according to a Regional Transportation Authority study.
And the CTA accounts for 62 percent of these capital needs, or more than $22 billion.
From the news release:
According to the report, transit providers in Northeastern Illinois will need $1.66 billion per year over the next 10 years in order to fund normal replacement, rehabilitation and capital maintenance needs. Nevertheless, in recent years, the amount of capital received from federal and state sources has been lacking. In addition to the $16.6 billion needed over the next 10 years, the region has $19.5 billion of deferred investment also known as “capital backlog.”
Meanwhile, the RTA projects that it will receive about half of that capital funding over the next decade from state and federal coffers. “Based on these projected annual average capital funding levels, the current backlog will grow over time, potentially increasing from $19.5 billion as of December 31, 2013 to more than $25 billion in 2030.”
Read the Tribune’s story.
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