Access roads are being paved near Sample Road; soil is being stabilized for interchange ramps at Tapp Road; and the Third Street overpass is being prepared for widening. But it’s not clear exactly when these and other phases of the Interstate 69 Section 5 project will be completed.
“Anything scheduling or sequencing I cannot answer,” said Dustin Krebbs, operations and maintenance manager with I-69 Development Partners, last week.
The state announced plans to take over the project from I-69 Development Partners last month.
That process is moving forward, with the Indiana Finance Authority presenting plans to the State Budget Committee earlier this month for the transition. The committee has reviewed those plans and cleared them to move forward.
The next step is for all parties to endorse a settlement agreement and for bondholders to be paid in full. In 2014, the state finance authority sold nearly $244 million worth of tax-exempt, private-activity bonds on behalf of I-69 Development Partners to help finance the project. In June, the finance authority planned to use proceeds from the sale of new bonds to buy out the old Section 5 bonds.
Until the settlement agreement is signed by all parties, I-69 Development Partners will remain in charge of the interstate highway. Oversight of the project is expected to officially transition to the Indiana Department of Transportation by July 31. It is still expected to be substantially completed by Aug. 31, 2018, said Stephanie McFarland, spokeswoman for the state finance authority.
In the meantime, the state department of transportation is working with I-69 Development Partners to map out a transition plan. Walsh Construction has been hired as a consultant to help with that process.