INDIANAPOLIS (April 14, 2014) – The Indiana Finance Authority and Indiana Department of Transportation have finalized the contract with I-69 Development Partners to design, build, finance, operate and maintain I-69 Section 5. The project involves rehabbing and upgrading 21 miles of the existing, four-lane State Road 37 to interstate standards between Bloomington and Martinsville.
The private activity bonds that will finance the project are expected to be issued by I-69 Development Partners in late June. The state’s payment structure makes rising construction costs and the risk of operations and maintenance the responsibility of the private developer, and requires the developer to meet performance standards for quality, schedule and maintenance to avoid reductions in recurring payments.
Two payments to the private developer for I-69, Section 5 are tied to completion of safety improvements in Bloomington, such as interchanges at Fullerton Pike and Tapp Road, and overpasses at Vernal Pike and Rockport Road.
INDOT contractors completed tree cutting on March 31 within the land available so far for I-69 Section 5 in the Bloomington area. Utility relocations will continue until construction begins later this year. Crews will continue to mulch and haul off trees that were previously cut, and clear underbrush.
This spring and summer utility crews will begin installing new lines where existing service conflicts with the new I-69 footprint. Utility companies hire their own crews to perform this specialized work. Citizens with any questions or concerns about the work should contact the utility company directly.
The 21 new miles of interstate are scheduled to open by the end of 2016, several years ahead of schedule.
About Interstate 69
The new I-69 between Evansville and Indianapolis is a key component to the future economic vitality of southwestern Indiana, and will connect an entire region with improved access to jobs, education and healthcare. The 142-mile I-69 corridor was divided into six independent sections in the Tier 1 Final Environmental Impact Statement, which was approved with a record of decision in March 2004.
The first three sections opened for business in November 2012 – under budget and years ahead of schedule – and save motorists more than 30 minutes travel time in the 67 miles between Evansville and Crane. Construction is underway on all 27 miles of I-69 Section 4 between Crane and Bloomington, which is expected to open to traffic in phases during late 2014 and 2015.
More information about the I-69 Evansville to Indianapolis project may be found at www.i69indyevn.org.
MEDIA CONTACT: Will Wingfield, 317-233-4675 or email@example.com