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State Finalizes Takeover Of I-69 Section 5

I 69 Traffic

Photo: Steve Burns

INDOT will now work with subcontractors to complete construction, which is nearly two years behind schedule.

The state is officially in charge of Section 5 of Interstate 69.

The Indiana Finance Authority on Monday finalized an agreement to end its contract with I-69 Development Partners, which the state originally selected to build and maintain the 21-mile stretch of interstate from Bloomington to Martinsville.

As part of the agreement, the state is reimbursing I-69 Development Partners’ bond holders for $246 million.

INDOT will now work with subcontractors to complete construction, which is nearly two years behind schedule.

“Our focus is to compete this crucial stretch of roadway that provides a promising path to economic growth for Hoosiers and businesses in southern Indiana,” Governor Eric Holcomb said in a statement.

The IFA will use highway revenue bonds to retire the developer’s private-activity bonds. Because the state’s bonds are rated significantly higher, the transition will result in a cost savings over time.

The state decided to take over the project after several construction delays and financial issues with Section 5.

A previous version of this story referenced the relationship between the state and I-69 Development Partners as a partnership, but it was a contractual relationship. 

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  • lastcamp2

    We breathlessly await the next chapter in this saga of privatization of public works. If this is an example of how private enterprise beats government, spare me from any more of it.

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