Apple has come to an agreement with the Chicago Transit Authority (CTA) in which they will spend 4 million dollars to renovate the run-down Red Line subway station on North and Clybourn in the city. This particular site just so happens to be across the street from the future Apple retail store on Halsted Street.

In return for the renovations, Apple is receiving first dibs on naming rights, first crack at advertising rights within the station, and a free long-term lease on an unused bus lane that is between the subway station and the Apple store that will be turned into a landscaped public park. All of this should be taking place no later than September 30th of 2010.

That being said, those of us here in the Chicago area should have a beautiful new Apple store in the area a little less than a year from now.