THE LOOP — Nearly $16 million worth of renovations to the Quincy Street "L" station could be funded entirely by Tax Increment Financing if a proposal introduced by Mayor Rahm Emanuel Tuesday is greenlit.
The station, built in 1897, requires new stairways, lighting and roof repairs, and needs an elevator installed at each side of the platform to accommodate patrons with disabilities, according to a statement from the mayor's office.
The total bill for the updates is estimated at $15.7 million, and Emanuel's proposal calls for construction to begin in 2014.
"Having served millions of riders for more than a century, this work will ensure the Quincy Station serves millions more and for many years to come," Emanuel said in a statement that estimated the "historic" station serves 2.2 million riders annually.
Part of the CTA's Downtown Loop (which first earned the neighborhood its nickname), the Quincy station is used by the Brown, Orange, Pink and Purple transit lines. The station's ridership increased nearly 10 percent between 2010 and 2011, according to a release from the mayor's office.
The measure still needs approval from the full City Council.