State Completes Takeover of Delayed I-69 Work

Posted: Updated:
INDIANAPOLIS -

The Indiana Department of Transportation has officially taken over direct control of Section 5 of the I-69 project. The work, previously handled by a private sector group called I-69 Development Partners, has been fraught with delays and was initially slated to be complete last October. The Indiana Finance Authority has wrapped-up the settlement deal between I-69 Development Partners and the state and will reimburse the developer's bond holders for $246 million.

The IFA Board and State Budget Committee have spent the last two months reviewing the financial plan to complete the transaction, which was first agreed to mid-June. The authority says it will use highway-revenue bonds to pay off the private-activity bonds, which will save interest over time due to higher bond ratings through the state versus the developer's ratings.

Governor Eric Holcomb says "the state is officially in charge of this important project. Our focus is to complete this crucial stretch of roadway that provides a promising path to economic growth for Hoosiers and businesses in southern Indiana."

Section 5, a 21-mile stretch between Bloomington and Martinsville, is the second-to-last piece of the I-69 expansion that is ongoing between Indianapolis and Evansville.

  • 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!"

    • 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...

    • IU Nominated for Tech Transfer Award

      Indiana University is among five nominees for Tech Transfer Unit of the Year. Global University Venturing has nominated the IU Research and Technology Corp., one of three nominees in North America. 

    • The facility also features a computer training lab, a bistro and Bosma's retail store.

      Bosma Launches Salesforce Training Program

      Indianapolis-based Bosma Enterprises has launched a program to train people who are blind or visually impaired to be Salesforce administrators. The organization says BosmaForce involves an 18-week online course available throughout the United States. Bosma Enterprises Chief Executive Officer Lou Moneymaker says people who are blind of visually impaired face a 70 percent national unemployment rate, and the BosmaForce program aims to create pathways to high-paying, in-demand careers.

    • On-Air

      Find out when and where you can watch and listen to our reports.