Chicago will receive more than $153 million in federal funds under a new congestion initiative, the U.S. Department of Transportation said.
The innovative proposal will reduce traffic gridlock through the use of congestion pricing for street parking spaces and faster, more reliable bus service.
“Chicago’s plan is ambitious, bold and innovative,” said Transportation Secretary Mary Peters, who added the federal funds will be used to support creation of four pilot bus transit routes.
Use of “congestion pricing” for the city’s metered parking spaces is a key to the plan, Peters said. Higher street meter rates during the morning and evening rush periods will encourage commuters to take transit downtown instead of driving, she said.
The federal funding is contingent, in part, on the city and the Chicago Transit Authority approving the plan, DOT said.
DOT has also offered Los Angeles $213 million to create new toll lanes there to reduce congestion.
The two offers come after New York state legislators rejected a plan to put congestion pricing on New York City traffic, under which it would have received $350 million — about the amount that is available to Chicago and Los Angeles.
