The New York State Assembly is doing a great job… for the people of Chicago.

Remember the $354.5 million federal grant that New York City was going to get to implement congestion pricing before the deal collapsed in Albany? US DOT Secretary Mary Peters announced today that Chicago will receive $153 million of New York City’s money for the creation of a new bus rapid transit network, the installation of variable rate parking meters and a few other items.

City Room has the story and the Chicago Tribune also reports:

Federal and city officials announced today an ambitious plan to get more commuters out of their cars by freeing CTA buses from traffic congestion and speeding the ride to and from work in Chicago.

Lanes dedicated to buses-only will be created on four major city corridors that were not immediately identified. One could be Lake Shore Drive.

In addition, buses will make fewer stops-four to five blocks apart. Kiosks will be installed at the bus stops to enable passengers to pre-pay their fares and board quickly once the bus arrives.

Technology will be added to some traffic signals to extend green lights for buses running behind schedule, much like the signal-priority equipment that gives the green to ambulances and fire trucks, officials said. Pace has experimented with the technology on Harlem Avenue in the suburbs.

The plan also calls for new parking meters downtown that would charge more during rush-hour to discourage people from driving there.

Another component of the plan involves creating fees for on-street truck-loading zones downtown.

Last week Peters also announced that Los Angeles would receive $213 million for new HOT lanes.