State to Take Over I-69 Extension

Posted: Updated:
INDIANAPOLIS -

The Indiana Finance Authority has reached settlement agreements with I-69 Development Partners and its bond holders allowing the state to take over Section 5 of the I-69 extension project. The Indiana Department of Transportation will assume control of the project, connecting Bloomington to Martinsville, by the end of July.

The project was originally slated for completion in October 2016 and is now expected to be finished in August 2018. As part of the deal the IFA will issue its own lower-interest highway revenue bonds to replace the bonds of I-69 Development Partners, a move that is expected to save Indiana taxpayers $30 million.

I-69 Development Partners will pay an additional $12 million to the bond holders and $50 million to the IFA as part of the settlement. The state will then be responsible for the operation and maintenance of the 21-mile stretch of I-69 for the next 35 years.

"INDOT's first task is to ensure a smooth transition of project teams," said INDOT Commissioner Joe McGuinness. "As we work through those initial changes, construction work that is currently underway will continue. More important, there will be no lapse in the safety and mobility operations that keep traffic moving and the work zone safe."

Governor Eric Holcomb says he is "delighted" the state will assume control of the project. The governor has stated completion of the entire I-69 extension is a top priority of his administration.

Indiana Chamber of Commerce Chief Executive Officer Kevin Brinegar released the following statement after the settlement was reached:

It’s the absolute right thing for the state to do to ensure that this segment and the entire project is completed as quickly as possible. We must stay on course, because the ramifications are too important. When fully finished, the new I-69 – from Evansville to Fort Wayne – will help further Indiana’s position as the Crossroads of America. It will provide many more Hoosiers with better road access, leading to reduced travel time. And that also is very attractive for businesses, making Indiana an even more viable hub for companies and new jobs.

  • Perspectives

    • Truck Driver Supply Impacting Cargo Hauling Demand

      The U.S. unemployment rate has moved down to 3.9 percent, which is its lowest level since December 2000, according to the U.S. Bureau of Labor Statistics. Great news! Maybe not. There are business sectors that need employees due to constraints in the labor market - namely truck drivers. The level of employment in the truck transportation industry is essentially unchanged since mid-2015, according to the bureau. And the impact is being felt.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Triple XXX Root Beer Appears in Prime Time

      A soft drink that carries the name of an iconic West Lafayette restaurant has been featured on a national television series. In a message on the Triple XXX Family Restaurant's Instagram page, co-owner Carrie Ehresman said the recent appearance of Triple XXX Root Beer on NBC's "Chicago Fire" was not product placement. She said the show's producers reached out through the restaurant's website and "we weren't sure we'd make the final cut until it aired!"

    • Truck Driver Supply Impacting Cargo Hauling Demand

      The U.S. unemployment rate has moved down to 3.9 percent, which is its lowest level since December 2000, according to the U.S. Bureau of Labor Statistics. Great news! Maybe not. There are business sectors that need employees due to constraints in the labor market - namely truck drivers. The level of employment in the truck transportation industry is essentially unchanged since mid-2015, according to the bureau. And the impact is being felt.

    • Mark Sandy became Ball State's director of intercollegiate athletics in 2015.

      Ball State to Introduce Next AD

      Ball State University Monday will name a new director of intercollegiate athletics. Mark Sandy, who has served in the position for more than three years, announced his retirement in January. During Sandy's tenure, eight teams won Mid-American Conference league championships or division titles. Three new facilities projects have been completed during his time in Muncie...

    • The Impact of Technology on Economic Development Policy

      In a world where technology is enabling almost everything, economic development policy makers are faced with several challenges when planning and implementing strategies for economic growth. Communities, regions and states must be able to adapt programs and initiatives to address the economic disruption caused by technology. In particular, investments in tech and talent are vital to ensuring economic growth and wealth creation for residents and businesses throughout the world.

    • City of Fort Wayne Promotes Joyner to Director

      Cindy Joyner has been promoted to director of Fort Wayne's Community Development Division. She has served as deputy director of the division for the past 10 years. Joyner oversaw the Neighborhood Code Compliance Department and helped to enhance customer service and community outreach. She has worked for the city of Fort Wayne since 2002.