CTA to obtain $79 million TIFIA loan to rehab 95th Street rail, bus terminal

U.S. Transportation Secretary Anthony Foxx on Friday announced the closing of a $79 million Transportation Infrastructure Finance Innovation Act (TIFIA) loan to the Chicago Transit Authority (CTA) for the 95th Street bus and rail project.

The project calls for rehabilitating the existing 45-year-old terminal into an expanded and modern facility. The 9.4-mile Dan Ryan Branch of the CTA Red Line ends at the 95th Street Terminal.

The loan will go toward the $240 million total cost of the project. The project also received a $20 million Transportation Investment Generating Economic Recovery (TIGER) grant in 2012 from the U.S. Department of Transportation.

"This loan is an important investment in the people and future of Chicago," Foxx said in a prepared statement.

As part of the CTA's 2013-17 Capital Improvement Plan, the Dan Ryan Branch is being fully reconstructed. Improvements to the terminal will mean better bus and rail connections and reduced travel congestion and delays, according to the agency. The project would enable CTA riders connecting to and from rail services to access multiple transportation options.

Planned improvements will include increased lighting and security cameras, wider walkways, a pedestrian bridge, full wheel-chair accessibility, improved bus maneuverability and other design amenities lacking in the existing facility.