INDIANAPOLIS (AP) — The state of Indiana is taking control of a long-delayed section of the Interstate 69 extension three years after hiring a private developer to complete the work.
The Indiana Department of Transportation said Friday that the Indiana Finance Authority, privately run I-69 Development Partners and the company’s bond holders have reached settlement agreements in principle for INDOT to assume control of Section 5 between Bloomington and Martinsville by July 31.
INDOT says the deal is subject to approval by the IFA’s board.
Indiana Public Finance Director Dan Huge (HU’-gee) says the deal won’t increase the overall project cost to taxpayers and may provide some savings. He says the original cost of the project in current dollars is about $590 million, while the new agreements and structure total about $560 million.