DALLAS – Chicago will work with federal officials to obtain a low-interest loan of up to $1 billion to finance redevelopment of the city's historic Union Station rail depot and its surroundings.

The ultimate goal of the Emerging Projects Agreement (EmPA) with the U.S. Transportation Department announced on Thursday is a loan of $750 million to $1 billion from the Railroad Rehabilitation and Improvement Financing program, Chicago Mayor Rahm Emanuel said.

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