Former Gov. Mitch Daniels' Newsroom

Contact: Jane Jankowski
Phone: 317 232-1622

For Immediate Release: Jun 29, 2006
Indiana closes Toll Road lease agreement, receives $3.8 billion

INDIANAPOLIS (June 29, 2006) - Indiana today completed a historic transaction to boost Indiana's economic and transportation future. The Indiana Finance Authority (IFA) received $3.8 billion to close a lease agreement with ITR Concession Company (ITRCC), the company formed by the consortia of Cintra Concesiones de Infraestructure de Transporte, S.A. (Cintra) and Macquarie Infrastructure Group, to operate and manage the Indiana Toll Road on behalf of the IFA for the next 75 years.

"This is another important step in our state's future. Yesterday, a new partnership with Honda, today we bring $3.8 billion of additional international investment to Indiana, and tomorrow, we will close the books for the fiscal year with all signs pointing toward the state's first balanced budget in a decade. There is no doubt an economic recovery is underway in Indiana," said Governor Mitch Daniels, who earlier in the day announced a Record of Decision for the South Bend portion of US 31, one of the projects in the Major Moves program.

Indiana Office of Management and Budget Director Charles Schalliol, in his capacity as IFA chairman, and company officials signed necessary documents to close the deal early today. Cintra and Macquarie share equal ownership of ITR and paid the state $3.8 billion for the right to manage and operate the Toll Road. Interest generated by the investment of the funds is expected to generate about $500,000 each day.

ITR has pledged improvements to the road of $400 million in the next four years and projected total improvements over the life of the lease in excess of $4 billion.

Proceeds from the lease will remain in multiple accounts held by the IFA for a short time while outstanding Toll Road bonds are paid off and transactional costs are paid. Upon completed of those activities, the IFA will transfer all remaining proceeds to the state treasurer for investment pursuant to the legislation passed by the General Assembly earlier this year.

Transfer of operations to ITRCC was completed at 10 a.m. today.

The $3.8 billion will be used primarily to fund the next 10 years of road and bridge construction throughout the entire state, including long-awaited projects such as the US 31 upgrade between Indianapolis and South Bend, the Hoosier Heartland Corridor, bridges over the Ohio River, a new terrain I-69 from Evansville to Indianapolis, Fort to Port and nearly 200 other projects. And additional $240 million will be shared among the seven Toll Road counties, $120 million will go to the Northwest Indiana Regional Development Authority, and $150 million will be shared by all of Indiana's 92 counties to address local road and bridge needs.

For more information on projects to be funded through Major Moves:

View the Indiana Toll Road Lease Proceeds and Uses


Media contact: Jane Jankowski, Office of the Governor, 317/232-1622,
Media contact: Brad Rateike, Office of the Governor, 317/232-1800,