Monday, May 5, 2008

Chicago Gets New York's Congestion Pricing Money

1st\NW Quadrant The Approval Matrix

By The New York Times\Jennifer 8. Lee

Did you wonder what happened to that $354.5 million in federal financing that New York City left on the table when Mayor Michael R. Bloomberg’s congestion pricing plan collapsed in Albany?

Well, some is heading to Chicago, to pay for its new congestion initiative.

The Department of Transportation announced that it will give $153 million of the money to Chicago for a plan that includes the creation of a new rapid Bus Rapid Transit network and a variable rate parking meter system downtown.

The bus system will have dedicated lanes and use technologically advanced buses which will have priority at busy intersections so that green lights can be extended for buses that are really late. The new parking meters will charger higher rates during the morning and evening rush periods so commuters will be encouraged to take mass transit instead of driving.

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