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The Chicago Transit Authority (CTA) board recently approved two initiatives designed to generate an additional $9.7 million in revenue during the next five years.

CTA signed an agreement with Bank of America to install automated teller machines (ATM) at nine rail stations. Including two one-year extensions, the three-year contract is expected to generate at least $230,000 for the authority annually. In addition, Bank of America will pay CTA a percentage of the ATM user fees collected at the stations.

The board also approved contracts to outsource the management of two park-and-ride lots. MCP Partners L.L.C. will manage the Forest Park station parking facility on the Forest Park branch of the Blue Line; Standard Parking Corp. will manage the new Harlem station parking facility on the O’Hare branch of the Blue Line. The five-year agreements are expected to generate at least $1.8 million annually for CTA.