LaPorte County Commissioners have approved a proposed agreement between LaPorte and Lake counties to pursue the remaining 67-year lease of the Indiana Toll Road. The South Bend Tribune reports the interlocal agreement covers financial, governing and operational terms of the more than $2 billion plan. It calls for the creation of a 10-member Northern Indiana Toll Road Authority.
Officials in both counties announced earlier this week they would stand no financial risk if their bid is chosen as the winner.
Each county could take in a projected $5 million annually from private tolling operators.
Last year, the 157-mile road's international, private operator, ITR Concession Company LLC filed for bankruptcy.
The winning bidder could be announced this spring. The full LaPorte County Council and Lake County commission and council must also approve the proposal. They could take it up next week.
Source: The South Bend Tribune