Project Financing and Implementation
| The total project capital cost for I-69 Section 5 in year-of-expenditure dollars is $466 million. I-69 Development Partners' financed share is about $373 million. The balance is costs for design, right-of-way acquisition, utility relocation, environmental mitigation, and program administration borne by INDOT. I-69 Development Partners' financing sources include $243.8 million in PABs (plus an additional $8 million in bond sale premiums), $0.7 million in interest income, and $40.5 million in private equity. The private funding is being provided by Isolux Infrastructure's major shareholders: Isolux Corsán and the Public Sector Pension Investment Board, a Canadian Crown corporation that provides pension plans for the Public Service of Canada, the Canadian Forces, the Royal Canadian Mounted Police, and the Reserve Force. This Canadian participation represents the first international public pension fund to make a direct investment in a U.S. P3 project. | I-69 Section 5
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The private team will also receive four milestone payments totaling $80 million from INDOT as construction on the project progresses. The state is funding its milestone payments from a mixture of state and federal sources. Ultimately, almost no Major Moves funding is being used on the project. After the project is complete, the state will make annual availability payments of $21.9 million (adjusted each year for inflation) to I-69 Development Partners throughout the 35-year operation and maintenance period. The availability payments are subject to appropriation by the state legislature but do not require any separate legislative approvals.
Construction began in late 2014, and the project is expected to be fully open to traffic in October 2017.