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Chicago's Regional Transportation Authority (RTA) officials have announced a proposed $2.5 billion plan to fund capital improvements for transit systems across the city and suburbs.

The initiative was designed to improve riders' experiences and travel times for Chicago Transit Authority (CTA), Metra and Pace riders, while also helping to lower each agency's operating costs, RTA officials said in a prepared statement.
 
"Systemwide, riders are suffering from an aging infrastructure that's only deteriorating further because there aren't enough funds to properly repair what needs to be fixed," said RTA Chairman John Gates Jr. "We recognize the need to show a strong commitment to providing safe, reliable and affordable public transportation throughout the Chicago area and believe this plan provides the necessary funding to do that."
 
The proposal — which RTA officials said will be introduced in the January 2013 legislative session — calls for the issuing of a series of bonds during the next five years, averaging about $500 million in capital improvement dollars each year. Each agency would be able to prioritize the projects to fund, but the RTA has an existing list of backlogged projects it will reference before approving agencies' proposed expenditures.
 
"We must make the kind of investments necessary to reduce the nearly $100 million we spend each year simply maintaining the system," Gates said.

In addition, the RTA board also proposed streamlining the funding process for public transportation, shifting from a complex funding formula "to a vastly simpler, more regional approach, which will allow the service board to maintain their current revenue," RTA officials said.