You won't be riding the 'red rocket' when you jump on the Eglinton LRT, instead you may have to call it the 'Metro'.

It was announced on Thursday, that Metrolinx will take control of designing, building, financing, operating and maintaining the newest LRT.

Construction has already started on the line which will run partly under Eglinton and overland into Scarborough.

Mertolinx is also going to investigate Alternative Financing and Procurement which would incorporate private sector resources and expertise.

Metrolinx has indicated it will be a one fare rides all system for riders on the TTC and the new LRT's.

That's something that is great news, according to TTC Chair Karen Stintz who told Newstalk1010, that there are questions that need answers, like who is going to set the fares?

But, as far as a one fare system goes, she says that was something they wanted to see happen private operator or not.

That being said, the move by Metrolinx proves to be a different direction that is 'pretty significant'.

TTC CEO Andy Byford says they have agreed to provide a 'seamless' service, but couldn't say anything on a two fare system.