NewsPublic Affairs / June 29, 2017

IFA Approves State Takeover Of I-69 Section 5

IFA Approves State Takeover Of I-69 Section 5

INDOT will take over the I-69 project by the end of July.

Steve Burns/WTIU

The Indiana Finance Authority approved a resolution Thursday to end its public-private partnership with I-69 Development Partners and take over control of I-69 from Bloomington to Martinsville.

The action finalizes an agreement the state announced two weeks ago. Under the arrangement, the IFA will reimburse the developer’s bondholders for $246 million and the Indiana Department of Transportation will take the project over by the end of July. The IFA says the agreement will save an estimated $30 million.

Fitch Ratings, Moody’s Investor Services and S&P Global say the settlement won’t impact the state’s AAA credit rating.

The decision to take the project over comes after months of delays and financial troubles. The 21-mile stretch of interstate won’t be complete until August 2018, nearly two years behind schedule.

At WFYI, our goal is to cover stories that matter to you. Our reporting is rooted in facts. It considers all perspectives and is available to everyone. We don't have paywalls, but we do need support. So if unbiased, trusted journalism is important to you, please join us. Donate now.



Related News

Judge Blocks New Indiana Panhandling Law From Taking Effect
New Laws Take Effect July 1
Utilities Ordered To Keep The Lights On Until Aug. 14 Despite Unpaid Bills