Metra, the primary commuter rail system in the Chicago metropolitan area, announced it will be exploring alternative finance measures to address its infrastructure backlog.
The transit agency said Monday it is looking at ways to fund replacing “scores” of aging bridges amid a lack of funding. Trains cross 446 Metra-owned bridges every day, half of which are more than a century old. Another third of them are more than 75 years old, the typical service life of a steel bridge, officials said. Transit authorities said the bridges are safe, but have surpassed their functional lifespan and are increasingly expensive to maintain and repair.
“There is no way around it – these bridges must be replaced or rehabilitated, and they must be replaced soon, before our operations are impacted,” Metra executive director and CEO Jim Derwinski said. “Because this need is so urgent, we believe we must explore all our options, including financing, to address it.”
Officials said Metra funding comes from local, state and federal sources, but that its capital needs are much greater than the funding it receives. The agency identified more than $5.4 billion in funding needs during its latest five-year capital plan, but assumes only $2.1 billion in available funding. While the agency has the authority to issues revenue bonds, it is considering borrowing $230 million from the federal Railroad Rehabilitation and Improvement Financing (RRIF) program to lock in lower interest rates, a longer repayment period and more flexible amortization. Repayment would come from the agencies normal operating fund sources, officials said.
That money would be used to replace 11 bridges on the UP North Line; rebuild the bridge over the North Branch of the Chicago River on the Milwaukee District North Line; expand the bridge over North Branch of the Chicago River; rehabilitate the bridge over Hickory Creek; and rebuild the bridge over 96th Avenue.
The agency expects the application process for the RRIF loan to take about a year, officials said.