February 20, 2015
» The Arizona Transit Association is looking for an executive director. [More]
» The city of Simi Valley, CA, seeks a transit supervisor. [More]
» The Greater Bridgeport Transit Authority requests proposals for demand-response (paratransit) bus services. [More]
View more Classified Ads »
TO PLACE AN AD: E-mail the requested date(s) of publication to: ptads@apta.com. Mailing address is: Passenger Transport, 1666 K Street, NW, Washington, DC 20006. Ad copy is not accepted by phone. DEADLINE: 3 p.m. EST, Friday, one week prior to publication date. INFORMATION: Phone (202) 496-4877.

CTA Opens Cermak-McCormick Place Station

The Chicago Transit Authority (CTA) opened its newly constructed Cermak-McCormick Place Green Line Station Feb. 9 on the city’s Near South Side, filling a 2.5-mile gap between CTA stations that has existed since 1977, when the previous station at that location was demolished.

“This station will benefit businesses and residents of this neighborhood, improving transportation and, as we have seen with other CTA new and rehabilitated stations, stimulating economic development in the neighborhood,” said CTA President Forrest Claypool. “Through [Chicago] Mayor [Rahm] Emanuel’s commitment to improving the transportation infrastructure in ­Chicago’s neighborhoods, we are continuing to increase affordable transportation options for people who live, work and visit this community.”

At the dedication event, Emanuel said, “Today we cut the ribbon on not just a new station for the Green Line, but on a new economic future for the businesses and residents on the Near South Side. For Chicago to have a growing 21st-century economy, we must have a 21st-century infrastructure. So this new station is an essential investment in the continued growth of the Near South Side.”

In addition to serving its immediate neighborhood, the Cermak-McCormick Place Station is two blocks from McCormick Place, one of the nation’s major convention and meeting venues.

The project was financed through Tax Increment Financing (TIF), a funding tool used by the city to promote public and private investment such as infrastructure construction and repair.  Funds are generated by growth in the Equalized Assessed Valuation of properties within a designated district over a 23-year period, beginning with the baseline of property taxes at the time the area is declared a TIF district. As property values increase, all property tax growth above that amount can be used to fund redevelopment projects within the district. The increase or increment can be used to pay back bonds issued to pay up-front costs or can be used on a pay-as-you-go basis for individual projects.


Chicago Mayor Rahm Emanuel, at microphone, speaks at dedication ceremonies for CTA’s Cermak-McCormick Place Station. CTA President Forrest Claypool is at left of Emanuel.

« Previous Article
Return to Top
Next Article »

© Copyright American Public Transportation Association
1666 K Street NW, Washington, DC 20006
Telephone (202) 496-4882 • Fax (202) 496-4321
Print Version | Search Back Issues | Contact Us | Unsubscribe
Twitter Flickr Blog YouTube Facebook