CHICAGO (WLS) -- The Chicago City Council approved Wednesday the creation of a TIF district to support the CTA's plan to modernize the Red and Purple lines.
The TIF or tax increment financing would generate $622 toward the first phase of the project. The first phase of the project will rebuild four stations and more than a mile of track from Lawrence to Bryn Mawr and create a Red-Purple bypass.
"This project has been several years in the making, and I am thrilled to be moving forward with the plans to modernize the Red and Purple lines," said Mayor Emanuel. "This type of investment in transit is an investment in Chicago's residents and neighborhoods, connecting them to jobs, education and more. And I want to commend everyone who worked throughout this process to make this project a reality."
The city and CTA are pursuing $1.1 billion in federal grant funding for the project.