I-69 Section 5 to go ahead

The Indiana Finance Authority (IFA) and I-69 Development Partners reached financial close on section 5 of I-69 Section 5 from Bloomington to Martinsville.

The 142-mile I-69 corridor is divided into six sections. The first three sections opened for business in November 2012 and construction is underway on all 27 miles of I-69 Section 4 between Crane and Bloomington.

I-69 Section 5 involves repairing and upgrading 21 miles of the existing, four-lane State Road 37 to interstate standards. I-69 Development Partners expects to begin construction in the Bloomington area this fall and open the 21 new miles of interstate by the end of 2016.

Designated as one of six Corridors of the Future, I-69 will ultimately extend from Mexico to Canada, making it the primary north-south artery for the movement of goods and services in the US.

Earlier this month, the IFA sold nearly US$244 million in private-activity bonds on behalf of the private developer, which will then repay the bond holders directly. I-69 Development Partners is investing more than US$40 million of its own funds and is responsible for all construction costs and the risks associated longer term with the operations and maintenance of I-69 Section 5.