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Old Posted Oct 22, 2021, 12:33 AM
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ardecila ardecila is offline
TL;DR
 
Join Date: Jun 2006
Location: the city o'wind
Posts: 16,352
Quote:
Originally Posted by Randomguy34 View Post
For the L extension, the Sun-Times is saying the CTA is on the hook. Not sure if this means the CTA is obligated to pursue the extension if the transit center gets built, or that the state won't cover the costs if the CTA decides to pursue the extension. If it's the former, then that's going to actively screw over other rehabilitation and expansion plans vying for funding.

Article: https://chicago.suntimes.com/2021/10...trak-editorial
Hmm... I'm not sure that's accurate.

Here is the state bill that authorized the public-private partnership:
https://www.ilga.gov/legislation/ilc...SeqEnd=7800000

Quote:
All payments required under [this Act] shall be direct, limited obligations of the State of Illinois payable solely from and secured by an irrevocable, first priority pledge of and lien on moneys on deposit in the Civic and Transit Infrastructure Fund. The State of Illinois hereby pledges the applicable sales tax revenues consistent with the State Finance Act and this Act for the time period provided in the public-private agreement between the private entity and the Authority, on behalf of the State. Moneys in the Civic and Transit Infrastructure Fund shall be utilized by the public agency on behalf of the State to pay the private entity for the development, financing, construction, operation and management of the civic and transit infrastructure project consistent with this Act and the public-private agreement.
Nowhere does it refer to the CTA specifically or using CTA funds or grants, except to note that the project may be integrated into CTA's network. The "public agency" referred to in the text is the state's Office of Management & Budget, putting this squarely under the control of the governor. It only affects the CTA in the sense that most of CTA's capital budget comes from the state, and funds going to reimburse Landmark Development are funds that aren't available for other CTA needs.
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