|Project Borrower / Sponsor||
Chicago Transit Authority (CTA)
The Chicago Transit Authority Blue Line Project (Your New Blue improvement program) is a series of modernization projects along Chicago Transit Authority's Blue Line O'Hare Branch running between the Grand station just outside the Loop and O'Hare station at O'Hare International Airport. This 19-mile stretch of the O'Hare Branch, portions of which date back to 1895, will benefit from various track, power, signals, and station improvements, including:
The improvements are necessary to keep pace with growing ridership, which on the O'Hare Branch has outpaced the rail system as a whole over the past 10 years. The line serves 80,000 customers each weekday and had more than 26 million station entries in 2014.
$408.7 million (Federal project)
TIFIA loan - $120 million
City of Chicago Tax Increment Financing (TIF) district funds - $9 million
RTA bonds - $19.36 million
CTA bonds - $84.57 million
State funds - $159.8 million
TIGER - $16 million
|Project Delivery / Contract Method||Multiple contract delivery methods|
|Project Advisors / Consultants||
PFM - Financial Advisor to the Borrower
Charity & Associates - Counsel to the Borrower
To USDOT TIFIA JPO
Bondholders, USDOT TIFIA
|Duration / Status||
The first phase of the project began with track and station work in 2014.
Expected completion of the full program is 2019.
|TIFIA Credit Assistance||
Direct Loan - $120 million
The TIFIA loan will be repaid through farebox revenues.
The TIFIA credit agreement was executed on February 3, 2015.
Financial close occurred on February 3, 2015.
|Related Links / Articles|