Brought to you by WBIW News and Network Indiana
Last updated on Wednesday, June 7, 2017
(BLOOMINGTON) - The State of Indiana issued a statement saying they are moving forward to assume control of the I-69 Section 5 project.
The Indiana Finance Authority said in a notice to bond holders it estimates work on Section 5 will be substantially completed by August 31, 2018, three months later than previously estimated.
The section has been plagued by delays since work started in 2014. It was originally scheduled for an October 2016 completion.
The IFA said it was negotiating with bond holders "to secure control of the completion of the Project by IFA and resolve outstanding issues." It said $236.8 million was needed to complete the project, but only $72 million was available. That means $164.8 million is needed to "complete construction and resolve claims."
"In the interest of moving I-69 Section 5 to completion, the IFA has engaged in negotiations with the developer's bondholders and has made an offer to buy out the bonds and transition the I-69 Section 5 project under the state's direct management," according to a statement the Indiana Finance Authority issued to the media.
Public Finance Director Dan Huge states the new completion date will not affect the opening of four continuous lanes of traffic in the greater Bloomington area in August 2017.
1340 AM WBIW welcomes comments and suggestions by calling 812.277.1340 during normal business hours or by email at comments@wbiw.com
© Ad-Venture Media, Inc. All Rights Reserved.