Indiana Toll Road Transfer Set For Thursday

The contract with the state requires it to add electronic tolling within two years and to build a third lane between East Chicago and Lake Station. The first phase of that project is to be completed next year, with the whole thing done by 2010. Beyond that, Indiana Finance Authority Director Ryan Kitchell says specific road projects are up to the new operators, as long as the road meets standards outlined in the contract.

An agreement with the state guarantees the jobs of most Indiana Toll Road workers through March.

A spokesman for the new toll road operator, Matthew Pierce, says the new operator plans to increase the toll road workforce, not cut it.

Source: Inside INdiana Business and Network Indiana/WIBC

Press Release

The Indiana Finance Authority (IFA) will complete transactions necessary to close the lease agreement and transfer operations of the Indiana Toll Road to ITR Concession Company (ITRCC), the company that will manage the Indiana Toll Road, on Thursday, June 29.

The Indiana Finance Authority will receive a series of telephone calls from JP Morgan Chase’s Indiana office and Charter One’s Indiana office to confirm receipt of $3.8 billion from CINTRA and Macquarie, the consortia which has been awarded the lease (CINTRA and Macquarie formed ITRCC to operate the Indiana Toll Road). Ryan Kitchell, state public finance director, will receive the telephone calls on Thursday morning in the IFA conference room, ninth floor of One North Capital. We expect many of the wire transfers to occur between 10 and 11:30 a.m. Supporters of Governor Mitch Daniels’ Major Moves program have been invited to be present during that time.

At 10:30 a.m., Charles Schalliol, the chairman of the IFA board, will conduct a ceremonial signing of the closing certificate. Schalliol, Kitchell and Earl Goode, the governor’s deputy chief of staff, will outline the transaction, next steps, and transition activities and take questions.

Source: Indiana Governor Mitch Daniels' Office

Press Release

INDIANAPOLIS – Democratic State Senators will hold news conferences in South Bend and Portage Thursday to mark the state’s handover of the Indiana Toll Road and discuss ramifications of the 75-year agreement on Hoosiers.

Source: Indiana Senate Democrats