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updated: 4/15/2014 7:12 AM

Indiana agencies approve deal for new I-69 section

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Associated Press

INDIANAPOLIS -- Indiana officials have approved a deal with the private company that will finance and build the new section of Interstate 69 between Bloomington and Martinsville.

The Indiana Finance Authority and Indiana Department of Transportation say the agencies have finalized the agreement with private contractor I-69 Development Partners to upgrade a 21-mile stretch of the existing Indiana 37 for the I-69 extension.

Private bonds to finance the project are set for to be sold in June and construction is scheduled to start this year. The new section of I-69 is slated to open by the end of 2016.

Construction of the new I-69 section is estimated to cost $325 million, with the state making payments over 35 years while the Dutch-led contractor oversees the road.

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