New toll road plan links rate hikes to stadium-related funding

HAMMOND, IND. (WOWO) Indiana officials have approved a lease amendment that will allow more frequent toll increases on the Indiana Toll Road in exchange for a $700 million payment, according to the Indiana Capital Chronicle.

The Indiana Finance Authority authorized the changes as part of an agreement with the road’s private operator, which manages the highway under a long-term lease.

Under the amendment, toll rates can increase twice a year, with hikes set at a minimum of 1.5% or higher depending on inflation.

Officials say the operator will make the $700 million payment in installments, with an initial payment followed by additional contributions over the next two years.

The agreement also requires at least $25 million in capital improvements to the toll road within five years, according to state documents.

Funding generated from the deal will be directed toward transportation and infrastructure projects in several northern Indiana counties.

Some of those funds could support development tied to a proposed Chicago Bears stadium, though officials say the toll increases will occur regardless of whether the project moves forward.

The amendment also includes revenue-sharing provisions that allow the state to share in excess profits while also taking on some risk if revenue falls below projections.

State lawmakers are expected to review the agreement as part of ongoing oversight of the toll road lease.

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