Mayor Rahm Emanuel and Senator Dick Durbin announced that funding for the new 95th Street Terminal on the Chicago Transit Authority’s Red Line has been finalized, securing $79 million in federal funding.

The 95th Street station reconstruction, one of the largest single station projects in the CTA’s history, will completely rebuild the outdated station at the south end of the Red Line, the CTA’s busiest rail line. The new, $240 million station is the first CTA terminal project in 30 years. It will expand customer areas, relieve congestion, and improve the experience for the nearly four million riders who pass through the station each year.

The $79 million in funding comes through the Transportation Infrastructure Finance and Innovation Act (TIFIA), which provides various funding tools to finance surface transportation projects of national and regional significance. TIFIA provides credit assistance for qualified infrastructure projects across the country, and is designed to fill market gaps and leverage other investment by providing capital. It is intended for infrastructure projects of regional or national significance and due to the flexibility of the program, many qualified, large-scale projects that might otherwise be delayed or tabled can move forward quickly, providing an immediate boost to jobs while laying the foundation for continued economic growth.

The CTA has partnered with internationally recognized, Chicago-based artist Theaster Gates to create artworks for the station, as part of a program that will also provide an apprenticeship program for local students promoting skills development and training.

Preliminary work is expected to begin in late spring, with major construction starting by this fall. Construction will continue through 2015, with the terminal expected to be complete in 2016.