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On Wednesday, the Chicago Transit Authority's (CTA) board selected Chicago Transit Partners (CTP) to oversee the agency’s ongoing capital improvement and construction projects.

The contract calls for CTP to provide management services for up to three years at a cost not to exceed $29.7 million (the amount is contingent upon the availability of capital funding). CTA's previous contract with CTP, approved in 2005, was valued at $60.5 million for up to five years.

"This renewed partnership with CTP allows for CTA to meet capital improvement goals in the most cost efficient way possible," said CTA President Richard Rodriguez in a prepared statement.

CTP will manage projects such as track rehabilitation, viaduct replacement and traction power upgrades. CTP also will help plan project funding.

The CTA's board also approved a contract for 13 vendors selected to provide operations and maintenance support for the agency’s information technology systems.

The vendors, which would maintain and upgrade hardware and software and provide fully managed service solutions, are the second pool of pre-qualified vendors to be added to the CTA Technology Resource Acquisitions for Programs of Regional Transit program.