Gov. Pat Quinn and Chicago Mayor Rahm Emanuel have announced a $1 billion investment in the Chicago Transit Authority. The funds, which come from city, state and federal sources, will be used to update two of the CTA's busiest train routes, the Red and Purple Lines. More than 2,400 jobs will be created by the project, which is part of Quinn's Illinois Jobs Now program. 

“This is an unprecedented investment in upgrading our system," said CTA President Forrest Claypool in a release. "It adds new momentum to our efforts to reform and renew the CTA with better facilities and enhanced service." 

The state will invest $646 million in the project, while the city will throw in $44 million and an additional $255 million will come from federal funds. The construction project will begin in 2012 and last for three years.