[Chicago] Apple spending $4M to renovate subway station

[Neo]

Apple just signed an agreement with the CTA to spend $4 (of Apple's money) to renovate the North/Clybourn (red line) subway station as it is in close proximity to a future Apple store. I don't believe there are too many instances where a company pays to renovate a public transit station for this purpose. It may happen with bus shelters, but to renovate a subway station?

Here's what will get renovated:

• A run-down triangle piece of land next to its future Halsted Street store
• The subway entrance building
• The underground train platform
• The bus turnaround

  ...and here's what Apple is getting out of the deal:

  • Apple is leasing the bus turnaround from the CTA free for 10 years
  • Apple gets 'first rights of refusal' for naming the station and for advertising within the station
  
  This is a winning situation for the cash strapped CTA IMO and wish more deals like this would be made. Everything should be done by September 30, 2010.