Public Meeting Set For I-69 Section Financing

The state will hold a public hearing Thursday in Indianapolis regarding up to $400 million in bonds to finance the fifth section of the I-69 expansion. If approved, the funding could be available next month. May 12, 2014

News Release

INDIANAPOLIS, Ind. – The Indiana Finance Authority will hold a public hearing on May 15 at 10 a.m. to accept public comment on the issuance of tax-exempt, private-activity bonds for up to $400 million to finance the I-69 Section 5 project. Private-activity bonds are not paid for with taxpayer dollars, but would be paid for by I-69 Development Partners, a private development firm. If approved, the developer will have access to these tax-exempt funds to help finance the design, construction, operation and maintenance of I-69 Section 5.

Section 5 of the I-69 expansion involves rehabbing and upgrading 21 miles of the existing, four-lane State Road 37 to interstate standards between Bloomington and Martinsville.

Under the private-activity bond repayment structure, I-69 Development Partners is fully responsible for the construction costs and the risks associated longer term with the operations and maintenance of I-69 Section 5. The payment structure is also tied to performance standards, such as quality and maintenance, and on-schedule completion of safety improvements in Bloomington, such as interchanges at Fullerton Pike and Tapp Road, and overpasses at Vernal Pike and Rockport Road. If approved, the private-activity bonds would be issued in late June.

The public hearing to address the private-activity bond issuance will be held at One North Capitol, Suite 900 in Indianapolis along with other projects located across the state for which the IFA is providing conduit financing.

Public invited to provide comment

The financing report regarding the bond issuance is available for public consideration at www.in.gov/ifa/files/Public_Hearing_Notice_and_I69_Report.pdf.

The public may submit advance comments prior to the hearing. Those comments can be sent via email to IFA Public Hearing Officer Cindy Herron at cherron@ifa.in.gov, or via mail to One North Capital, Suite 900, Indianapolis, IN 46204.

All comments must be submitted no later than 5 p.m. on May 14 to be considered.

About Interstate 69

The new I-69 between Evansville and Indianapolis is a key component to the future economic vitality of southwestern Indiana, and will connect an entire region with improved access to jobs, education and healthcare. The 142-mile I-69 corridor was divided into six independent sections in the Tier 1 Final Environmental Impact Statement, which was approved with a record of decision in March 2004.

The first three sections opened for business in November 2012 – under budget and years ahead of schedule – and save motorists more than 30 minutes travel time in the 67 miles between Evansville and Crane. Construction is underway on all 27 miles of I-69 Section 4 between Crane and Bloomington, which is expected to open to traffic in phases during late 2014 and 2015.

More information about the I-69 Evansville to Indianapolis project may be found at www.i69indyevn.org.

Source: Indiana Department of Transportation