Metra Board Chairman Martin Oberman and Metra Executive Director/CEO Don Orseno said the proposed USD 2.4B plan calls for phased-in purchases of new, modern passenger rail cars and locomotives, renewing a fleet where more than 40 percent of the cars date from the Eisenhower administration to the Reagan administration. The plan also would fund a robust, critically needed rehabilitation and maintenance program for remaining cars and engines and would cover Metra’s costs to install the federally mandated Positive Train Control on its system
The modernization plan assumes that current state and federal funding sources will total about USD 710M of the USD 2.4B program over the next 10 years. With Metra financing covering another USD 400M, Metra will need an additional USD1.3B over the next decade. To cover that amount, Metra will aggressively pursue additional federal and state funding, new financing strategies and alternative financing mechanisms.
Source: http://metrarail.com
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