Apple Pays Millions to Refurbish Subway Station

Why is Apple paying millions of dollars out of its own pocket to refurbish a run down subway station in Chicago? It plans on opening an Apple store next door of course! Yes Apple has agreed to pay $4 million to fix up an old station in exchange for a free 10 year lease on an unused bus turnaround dividing the subway station from the Apple store. That unused space will be turned into a landscaped public park.

Of course Apple gets a bit more out of the deal. Take a look at the details spelled out in public records…

In the agreement approved at an August 19th Chicago Transit Board meeting, in exchange for the improvements the CTA will lease the bus turnaround to Apple at no cost for 10 years, with options on four, five-year extensions. The CTA will also give Apple “first rights of refusal” for naming the station and placing advertising within the station, if the CTA later decides to offer those rights.

Once you read all the details it becomes clear Apple isn’t just being nice, it’s all business. The station is expected to be finished by Septembers of 2010, with the new Apple store opening shortly after.

[Via MacRumors]