State may take over I-69 Section 5; completion date pushed back for fourth time

The Bloomington Herald-Times ^ | June 6, 2017 | Michael Reschke

[Tolerance Sucks Rocks]

The state of Indiana wants to take over the Interstate 69 Section 5 project.

Three years after hiring a private developer to build the 21-mile stretch of interstate and then maintain it for 35 years after completion, the state issued a statement Monday saying it’s moving forward to assume control of the project.

The proposed takeover was announced along with a revised substantial completion date nearly two years after the original. The new date for Section 5 is Aug. 31, 2018, according to the state finance authority.

The statement from the Indiana Finance Authority was sent after media outlets, including The Herald-Times, reported on bondholder information that recently became public.

The finance authority provided bondholders with an estimated cost of completing the project in anticipation of a developer default, although no such default has been declared. A breakdown of the state’s estimate showed only $72 million is available for the more than $236 million needed to complete the project.

The finance authority sold nearly $244 million worth of tax-exempt, private activity bonds in 2014 on behalf of private contractor I-69 Development Partners to help finance the project. Earlier that year I-69 Development Partners submitted the winning bid of $325 million for the project the state estimated would cost $347 million.

The first four sections of I-69, connecting Evansville to Bloomington, were funded by the state. About $700 million of the $3.8 billion the state collected from leasing the Indiana Toll Road to a private contractor under former Gov. Mitch Daniels was set aside for the I-69 project. When it came time to build Section 5, that money had already been spent or allocated for other projects.

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[Redwood71]

Welcome to the club stranger. We have a project up here in Renton Washington that started as a freeway construction job estimated at $70M in early 1990. They are still working on it today and have never stopped the project. Government in operation.

rwood

[Tolerance Sucks Rocks]

Which freeway is that?

[Tolerance Sucks Rocks]

I-69 Section 5 completion date pushed back again, Section 6 not affected. (6/5)

[trebb]

Welcome to the club stranger. We have a project up here in Renton Washington that started as a freeway construction job estimated at $70M in early 1990. They are still working on it today and have never stopped the project. Government in operation.

I've been driving through the Cincinnati, OH areas on and off for 29 years - been under construction for the whole time and looks like it will never get done.

[minnesota_bound]

Build road fast.

Moora Shire Road Works “how to build a road”
https://www.youtube.com/watch?v=DrrEIX54iy8

Modern Road Construction: Russia vs Germany
https://www.youtube.com/watch?v=DXHlYEnGaaI

Chinese Bridge Maker Machine - Amazing Bridge Construction Machinery
https://www.youtube.com/watch?v=0-0ChljgWCQ

[Sequoyah101]

Gosh, that privitization worked out well.

[MurrietaMadman]

That’s not an EB-5 program gone awry is it?

http://mcfiusa-eb5.blogspot.com/

[Redwood71]

I-405

rwood

[i_robot73]

I know! Let’s throw some more federal taxpayer $$ at the problem. That should solve the problem, no?!

And some are delusional the think anything will change w/ the $1T+ ‘infrastructure’ bill bloating its way through Congress.

Any of those union shops go under? Made to pay back for the over-runs? Maybe, beyond all hope, even permanent exclusion from any further bid options?