INDIANAPOLIS – (December 28, 2012) The Indiana Finance Authority (IFA) has finalized an agreement and reached “commercial close” with WVB East End Partners to design and build the East End Crossing of the Louisville-Southern Indiana Ohio River Bridges Project.
WVB East End Partners – a team of Walsh Investors, VINCI Concessions, Bilfinger Berger and other regional, national and international firms – proposed to design and build Indiana’s portion of the Bridges Project for $225 million less than estimated and open it to traffic by the end of October 2016. Governor Mitch Daniels formally approved the WVB East End Partners proposal earlier this month, following review by the State Budget Committee and the IFA Board’s approval of the selection process.
“I’ve been told by more than one person that they’ve never seen a state procurement that was so tight, first of all, and in which every single deadline was met,” Daniels said. “As had been the case in a couple of other notable transactions that Indiana participated in, we were completely unreasonable in our demands and expectations and our partners somehow found a way to meet it them.”
Commercial close marks successful conclusion of the competitive proposal process for the East End Crossing. The IFA anticipates reaching “financial close” on the financial terms of the procurement by early spring of 2013.
Indiana is a national leader in leveraging private capital and innovations to deliver transportation infrastructure sooner than expected and at the lowest possible cost to taxpayers. Governor Daniels’ Major Moves highway program leased the 157-mile Indiana Toll Road in 2006 for $3.8 billion, which is being reinvested in economic development and long-term transportation infrastructure. In May of 2011, Daniels signed into law Senate Enrolled Act 473, which allows public-private partnerships for future transportation projects, such as the Illiana Corridor.
The East End Crossing will complete an interstate loop around Louisville by connecting the Gene Snyder Freeway (Ky. 841) with the Lee Hamilton Highway (Ind. 265). Kentucky is responsible for the Downtown Crossing portion of the Bridges project, which will build a new I-65 northbound bridge and reconfigure nearby interchanges in downtown Louisville and Jeffersonville, Ind.
A draft of the public-private agreement with WVB East End Partners and other information relating to the East End Crossing procurement may be found at www.ifa.IN.gov. More information about the Louisville-Southern Indiana Ohio River Bridges Project may be found at www.kyinbridges.com or www.bridgesauthority.com.
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