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2 counties continuing effort to lease Indiana Toll Road

MUNSTER, Ind. (AP) – Two northern Indiana counties plan to form a board of directors that would enable them to proceed with their bid to lease the bankrupt Indiana Toll Road.

The Times of Munster reports Lake County Commissioner Roosevelt Allen told a Northwestern Indiana Regional Planning Commission committee that his county along with LaPorte County are preparing to finalize their offer.

Investment bank Piper Jaffray & Co. of Minneapolis delivered a report in November to LaPorte County that demonstrated Toll Road cash flow could support a public entity bid by producing $38 million to $53 million a year after operating and maintenance expenses.

At a hearing in federal bankruptcy court last month, lawyers for the Toll Road’s bankrupt operator said many parties are interested in bidding for the Toll Road.