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Deal gives INDOT direct control of delayed I-69 Section 5

INDIANAPOLIS (AP) – The state of Indiana is taking control of a long-delayed section of the Interstate 69 extension three years after hiring a private developer to complete the work.

The Indiana Department of Transportation said Friday that the Indiana Finance Authority, privately run I-69 Development Partners and the company’s bond holders have reached settlement agreements in principle for INDOT to assume control of Section 5 between Bloomington and Martinsville by July 31.

INDOT says the deal is subject to approval by the IFA’s board.

Indiana Public Finance Director Dan Huge (HU’-gee) says the deal won’t increase the overall project cost to taxpayers and may provide some savings. He says the original cost of the project in current dollars is about $590 million, while the new agreements and structure total about $560 million.

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