Gov. Mitch Daniels has signed a bill that authorizes him to accept a $3.85 billion, 75-year lease agreement with an Australian-Spanish consortium to collect tolls and maintain the Indiana Toll Road. The Indiana Toll Road is a 157-mi. corridor that spans the state from east to west and consists of sections of I-80/90/94. It serves as a major conduit between Illinois and Ohio.
The transaction, expected to close in June, will result in a lump sump payment that will completely reverse the state’s $2.8-billion transportation budget shortfall over the next ten years, according to the Governor’s Office.
The deal would be the largest amount ever paid to a U.S. state or municipality for an asset, reported Bloomberg.
The same foreign consortium in 2004 signed a $1.8-billion agreement to lease the Chicago Skyway for 99 years.
For more information, go to www.in.gov/gov/majormoves/.
