Indiana Gov. Eric Holcomb has announced plans for an additional $1 billion to be invested in infrastructure projects throughout the state as part of his 2019 agenda.
Capital will be raised from a 35 percent increase in toll rates for vehicles with three or more axles on the Indiana toll road beginning in October; however, it still needs final perfunctory approval from the Indiana Finance Authority.
The Next Level Connections program will connect Hoosiers digitally, by trails, roads, air, water and railroad with $1 billion that comes from a renegotiated deal with the Indiana Toll Road Concessions Co. (ITRCC).
The ITRCC will pay the state the $1 billion over the next three years, with the first payment of $400 million expected next month, the second payment of $300 million arriving in October 2019, and the third payment of $300 million landing in October 2020.
The ITRCC will also invest $50 million more in upgrades to the toll road in the short term and a total of $500 million over 10 years. The upgrades include installation of smart truck parking system, expansion of overhead message boards, cameras and variable speed signs.
Holcomb’s proposal calls for:
- $600 million to speed up the completion of Interstate 69, a failed privatization project by then-Gov. Mike Pence, which the state took over after the initial contractor struggled with mismanagement and work stoppages.
- $190 million for projects on U.S. Routes 20, 30 and 31, where new interchanges will be added to reduce the number of traffic lights between Indianapolis and South Bend.
- $100 million to boost rural broadband access.
- $20 million to encourage airlines to offer new direct flight routes to the state’s airports.
- $90 million for improving hiking and biking trails.
