CHICAGO — Strapped for traditional funding to renovate one of its aging light-rail lines, the Chicago Transit Authority has hired Goldman, Sachs & Co. and two other firms as advisors to explore alternative financing options, including a public-private partnership.

The CTA board approved a four-year advisory agreement with Goldman Sachs in the lead spot, supported by co-financial advisors Loop Capital Markets LLC and Estrada Hinojosa & Co.

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