The Chicago Transit Authority (CTA) closed a $79 million Transportation Infrastructure Finance Innovation Act (TIFIA) loan for its 95th Street Bus and Rail project.

As part of the CTA 2013-2017 Capital Improvement Plan, the 9.4 mile Dan Ryan Branch of the CTA Red Line is being fully reconstructed. Improvements to the terminal will mean better bus and rail connections and reduced travel congestion and delays.

The project will enable CTA riders connecting to and from rail services to access multiple transportation options, including bus service, bike-and-ride, and car sharing. Planned improvements will include increased lighting and security cameras, wider walkways, a pedestrian bridge to reduce potential collisions, full wheelchair accessibility, improved bus maneuverability and other design amenities lacking in the current 1969 facility.

The Red Line accounts for nearly 40% of annual CTA ridership and the Dan Ryan branch accounts for roughly 2o% of Red Line trips. Of these, roughly one quarter originate at the 95th Street Terminal.

The construction site, which is over the median of the Dan Ryan Expressway I-94, will require CTA to purchase a 2.3 acre parcel adjacent to the current terminal in order to serve as a staging area during reconstruction. Following completion of the construction, CTA may convert the stating area to a park-and-ride facility.

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 grant in 2012 from the U.S. Department of Transportation.