(CARMEL) - The state of Indiana will relinquish State Road 431 to the city of Carmel.
Governor Mitch Daniels and Carmel Mayor Jim Brainard made the announcement this morning. Brainard says it's a win-win for the state and the city because the state will no longer have to maintain a roadway that cuts the city in half and the city benefits from the improvements.
It is hoped construction will begin next year. Brainard says the city will work with residents and business owners along the stretch for minimum impact.
The Indiana Department of Transportation pegged the long-term costs of upgrading Keystone Avenue at more than 150 million. Tentative terms of the agreement call for INDOT to provide Carmel with 90 million, in installments, to reconstruct and redesign the road. Carmel's plan addresses long-term mainline traffic issues.
The agreement will not affect the funding for any of the state's Major Moves projects. Carmel will pursue a federal earmark for the balance of the project.
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