Indiana completes takeover of I-69 extension section

INDIANAPOLIS (AP) - The state of Indiana has completed taking control of building a long-delayed section of the Interstate 69 extension from a private developer.

The Indiana Finance Authority on Monday completed a transaction to terminate the state's contractual relationship with I-69 Development Partners, to reimburse the developer's bond holders for $246 million, and to return direct control of the Section 5 project between Bloomington and Martinsville to the Indiana Department of Transportation.

Gov. Eric Holcomb says the state now "is officially in charge" of the project.

Work on the 21-mile section stalled amid financial troubles for I-69 Development Partners and contractor Isolux Corsan. Construction started in 2014 with an October 2016 completion deadline. Completion now is projected by August 2018.