Following on the success of the East End Crossing P3 project, the Indiana Finance Authority selected a team lead by international P3 developer Isolux Infrastructure to design, build, finance, operate and maintain a 21 mile interstate project. The developer expects to spend $325 million on capital costs for the project and has brought several local contractors on board to assist in the design and construction of the project.
Commercial close is expected in early April, with financial close and the commencement of construction expected this summer. Substantial completion is anticipated by late fall 2016, several years ahead of schedule. A major component of the developer’s responsibilities include operation and maintenance of the existing SR 37 highway, a portion of which is located outside of Bloomington, IN, home to Indiana University.
The project is a key component of the new Interstate 69 between Evansville and Indianapolis, a 142 mile corridor that is a major access route for the entire region.
As with the East End Crossing P3 procurement, IFA met every procurement milestone and all 4 shortlisted teams actively participated in the process and submitted compliant bids. The success of the I69 procurement and the commencement of the P3 procurement for the Illiana/I65 project evidences Indiana’s position as a national leader in leveraging private capital and innovation to deliver transportation infrastructure sooner than expected and at the lower possible cost to taxpayers. Indiana’s P3 transportation program benefits from the stellar credit ratings conferred on the State attracting low-cost private sector financing using an availability payment form of public-private partnership.
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