US EditionDeal would allow toll road rate hikes in exchange for potential Bears stadium funds
The private operator would pay $700 million and fund at least $25 million in road improvements under the amended lease.
- On Tuesday, the Indiana Finance Authority approved a resolution allowing the Indiana Toll Road operator to increase tolls twice yearly in exchange for $700 million in payments.
- This renegotiated lease is part of Senate Enrolled Act 27, a legislative financing package designed to attract the Chicago Bears to build a new stadium in Hammond, Indiana.
- ITR Concession Company LLC will pay $300 million within 30 days of the resolution taking effect, with an additional $200 million due within one year and $200 million within two years.
- The State Budget Committee will review the agreement Thursday afternoon, with funds earmarked for infrastructure projects across seven northern Indiana counties including Lake, Porter, and Elkhart.
- As Indiana works on the stadium plan, the Chicago Bears continue engaging with Illinois lawmakers regarding a potential facility in the Arlington Heights area.
14 Articles
14 Articles
Toll Road deal would trade twice-annual hikes for $700M Bears stadium-related windfall
INDIANAPOLIS — The state of Indiana has agreed to let the Indiana Toll Road’s private operator increase tolls on all vehicles twice a year, in exchange for payments totaling $700 million, according to agency documents.
Deal would trade Indiana Toll Road fee hikes for Bears stadium-related windfall
(INDIANA CAPITAL CHRONICLE) — The state of Indiana has agreed to let the Indiana Toll Road’s private operator increase tolls on all vehicles twice a year, in exchange for payments totaling $700 million, according to agency documents. The Indiana Finance Authority on Tuesday approved a resolution authorizing changes to the 75-year lease with ITR Concession Company. The toll rate for a full-length 157-mile trip is currently $16.21 for a Class 2 pa…
Deal would allow toll road rate hikes in exchange for potential Bears stadium funds
The State of Indiana is moving forward with plans to leverage the Indiana Toll Road to assist with infrastructure projects that could include a new Chicago Bears stadium.
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