- Briefing Room
Bloomington to Martinsville, Southwest Indiana
|Project Sponsor / Borrower||
Indiana Finance Authority (IFA)
The I-69 Section 5 project will reconstruct and upgrade 21 miles of State Route 37 (an existing four-lane divided highway southwest of Indianapolis) between Bloomington and Martinsville, Indiana to full Interstate highway standards. The project includes four new interchanges and four new overpasses, in addition to improvements at existing interchanges and a third travel lane in each direction within urban areas along the corridor.
I-69 Section 5 is one segment of a planned Interstate highway that would extend from Michigan to Texas and facilitate trade and mobility between Canada, the United States, and Mexico. A portion of the I-69 route, from Indianapolis to Port Huron, Michigan, was constructed as part of the original Interstate System, and additional segments of the full route have opened to traffic or are under construction in other states.
The remainder of I-69 in Indiana has been implemented in six sections extending 142 miles northeast from Evansville on the Kentucky border to Indianapolis. Sections 1-3 opened in November 2012 linking Evansville and Crane, Indiana. Section 4 opened in December 2015 continuing the alignment to Bloomington.
Section 5 was being implemented as a 35-year availability payment DBFOM concession. Due to financial and project delivery difficulties, IFA and the state terminated the contractual relationship with the private partner and returned direct control of the project to INDOT in July 2017.
$560 million (total capital cost, financing, and 35-year operations and maintenance in 2017 dollars)
Original financing under the P3 agreement at the time of takeover
Financial settlement at takeover
|Project Delivery / Contract Method||
February 2014 - July 2017:
DBFOM (design, build, finance, operate and maintain)
Bid-Build (design is complete) for project management; existing subcontractors to remain
Former P3 partner - I-69 Development Partners
|Project Advisors / Consultants||
Rubicon Infrastructure Advisors - Financial Advisor to Isolux
|Duration / Status||
Construction began in late 2014. Substantial completion is expected by August 2018.
DBFOM contract awarded in February 2014. Financial close occurred on July 23, 2014 when IFA issued the project PABs which were to be repaid directly by I-69 Development Partners.
Once operational, the state of Indiana would have made an annual availability payment of $21.9 million (adjusted each year for inflation) to the private partner throughout a 35-year operation and maintenance period. The state has assumed the future risk for operating and maintaining the highway with the takeover from the private partner.
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