The Chicago Transit Authority has been exploring the idea of extending the Red Line south from 95th Street for years, but that vision could be taking a significant step closer to reality thanks to a massive influx of funds from President Joe Biden’s fiscal year 2024 budget.
According to officials, 67 million riders used the Red Line in 2019, making it the CTA’s most heavily-used line.
According to a press release, a Transit Facility Improvement Area was designated between Madison Street and 134Street, stretching in one half-mile in each direction. That would determine where TIF funds could be spent. A Redevelopment Project Area was designated between Madison and Pershing Road, which would generate property tax growth on 7,726 parcels of land spread out across 1,445 acres within a half-mile of the TFIA.
Finally, a TIF redevelopment plan will be designed to outline the scope, budget and allocation of funds generated by the new district. “The Red Line Extension will be one of the single-biggest investments on the Far South Side in decades,” CTA President Dorval Carter Jr. said in a statement. “RLE has been a community-input-driven project form the start, and members of the surrounding communities will remain vital in helping shape this project and its path forward.”
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