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Toronto Mayor John Tory announced on Monday that the federal government is splitting the cost of purchasing more than 1,000 new transit buses, and refurbishing close to 700 more, to enhance the city’s aging fleet.

“This project will make sure that the TTC’s bus fleet will remain in a state of good repair and is renewed with new buses to meet increases in ridership, let alone existing ridership,” Tory told reporters during a press conference at the Mount Dennis Garage Monday morning.

READ MORE: Toronto eyes deadline extension for $121M in unused federal transit money

Officials said close to $1 billion, $442 million from federal funding and $492 million from the city, will be used to acquire 1,043 new buses and to revitalize another 695 in the existing fleet.

“This revitalization will extend the life of those buses which is a prudent use of public funds to make sure those buses can be made to last safely but also as long as possible,” Tory said.

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READ MORE: Funding for TTC repair, improvement projects unveiled

The federal portion for the project comes directly from Public Transit Infrastructure Fund.

The TTC’s Ridership Growth Strategy released last December found that although adult ridership has seen the sharpest decline since 2014, weekday bus and streetcar use increased by two percent, or four million riders, offsetting a one per cent, or two million, decline in subway rides.

VIDEO: Woman walks in front of overcrowded TTC bus after having to get off

1:13 Woman walks in front of overcrowded TTC bus after having to get off Woman walks in front of overcrowded TTC bus after having to get off