The long, winding I-69 Section 5 project stretching between Martinsville and Bloomington might have an end in sight.
The project, which began in 2014, will now be finished by August 2018. The state is now returning direct control of the project to the Indiana Department of Transportation
INDOT communications director Scott Manning said the state decided to give them control after assessing the developer's performance.
The state planned for the project to finish in 2018.
"It had evolved to a point where the state did not have the confidence they were able to complete the project in the timeline," Manning said.
INDOT and Indiana Finance Authority reached an agreement Aug. 14. The settlement will end the contract between private firm I-69 Development Partners team and the state. This will reimburse the developer’s bond holders for $246 million and give back direct control of the project to INDOT.
Gov. Eric Holcomb released a statement Monday on the change.
“The State is officially in charge of this important project,” Holcomb said in the release. “Our focus is to complete this crucial stretch of roadway that provides a promising path to economic growth for Hoosiers and businesses in southern Indiana.”
INDOT is working with I-69 Development Partners and Walsh Construction to assess the work already completed and identify checkpoints to keep the project on track, according to the release.
INDOT commissioner Joe McGuinness said the department negotiated more than a dozen subcontractor agreements to retain most of the primary and subcontractors who worked on the project under the previous agreement.
Manning said these assessments have not currently halted any construction to the interstate.
"Now that the termination is in place, official work can continue just as it has been," Manning said. "What people can expect is the work accelerating."
