Big Federal Money for Chicago Ave Transit?

For any of us living near Chicago Ave, east of California Ave, there are some major traffic revisions coming down the pike (and I, for one, am excited about it!).
The federal government is awarding $153 million to Chicago and the CTA to improve transit and decrease congestion on two North side streets and two South side streets.
Essentially they will build a center lane restricted to bus traffic only during rush hour, inbound in the morning and outbound in the afternoon. The CTA must begin operating the express buses by 2010 or they forfeit the funding.
They intend to cut current travel times by 50% by prioritizing bus traffic, adjusting traffic signals, and replacing diesel buses with new, double-length hybrid models.
Some people get jazzed about the new Dominick's in the neighborhood, I am all for improving (or removing) traffic.  Who knows, maybe Chicago Ave will get some bike lanes out of the deal too...
Read the full story at the Chicago Tribune.