With the P3 project approach determined, IFA and INDOT began the process of procuring the project. They issued a Request for Qualifications in May 2013 to identify the most qualified private firms to invite to submit detailed proposals. IFA and INDOT also held an industry forum that month to promote the project and provide further project details to private entities interested in participating. In July 2013, the agencies announced a shortlist of four private teams out of five that had responded. The following month, FHWA issued its final environmental approval for the project. The four teams received a draft Request for Proposals shortly after their selection and a final version in October.
Prior to announcing its selection of a preferred bidder, the state released a preliminary financial plan based on current cost estimates and schedule. It estimated the cost of the project at $407 million in year-of-expenditure dollars. This cost included final design, purchase of right-of-way, construction, and other related expenses. The estimate also accounted for project development costs incurred to date including environmental analysis and preliminary design, but it did not include ongoing operations and maintenance costs. The financial plan would be updated later to account for the selected private partner's financing approach and anticipated operations and maintenance costs.
IFA assumed that the private partner would likely use private activity bonds (PABs) to help finance the project. PABs allow a private entity to gain access to the tax-free municipal debt market and require federal approval for their use. IFA had received approval for up to $400 million in PABs for the project. To compensate the private entity for its work during construction, the state would use a combination of state and federal funds to make "milestone payments" based on the completion of certain construction targets. It would also use these funds, approved through the state's annual appropriation process, to make ongoing availability payments to the private entity during the operations phase.
In February 2014, IFA selected I-69 Development Partners as the state's preferred bidder. The team is led by Isolux Infrastructure Netherlands B.V., an investment subsidiary of the Spanish firm Isolux Corsán that specializes in transportation and energy infrastructure. I-69 is the firm's first U.S. highway project. IFA and INDOT selected the team based on a high technical score and lowest cost.
The execution of the P3 concession agreement between the state and I-69 Development Partners, known as commercial close, occurred in April 2014. IFA sold $244 million in PABs on behalf of the private entity in July, completing the project's financing.