June 29, 2017

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

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.

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