BLOOMINGTON, Ind. – New financial data released by one of the contractors working on the I-69 construction from Bloomington to Martinsville has raised new concerns about the completion of the project.
In February, the Indiana Finance Authority, I-69 Development Partners and a construction company, Isolux Corsan, all agreed upon a Memorandum of Understanding to fund the rest of the project.
However, newly released financial information on Isolux Corsan shows the company may not be able to fulfill its $29 million commitment in that agreement.
“Recent financial developments concerning Isolux Corsan have cast doubt on the design-build contractor's ability to cover its financial portion of the MOU,” Indiana Finance Authority’s Public Finance Director Dan Huge said in a statement. “INDOT/IFA and the developer are in discussions regarding the design builder and, under a confidentiality agreement, exploring options in moving forward with the completion of I-69 Section 5.”
Huge added money has been made available to keep workers going on the project and that he and other state leaders hope to have a new plan within the next 60 days.
“Work continues and negotiations continue,” Governor Eric Holcomb said at press conference Tuesday. “That will be the case as the coming weeks and months ahead unfold. I think we’ll end up in a good place, but I can’t comment further as the negotiations are ongoing.”
But the mayor and residents in Bloomington continue to get more frustrated with the delays and just want honest answers of when the project will be finished.
“Every day it’s delayed, it hurts people in my community. It hurts people trying to get to my community,” Mayor John Hamilton, D-Bloomington, said. “I don’t frankly think most of us on this side of the negotiating table care who is in charge of what….We just want the road to get done.”
“I’m tired of hearing where the contractors go bankrupt,” Bloomington resident Jon Hays said. “They put bids in for this thing and they ought to have money to finish the project, but obviously they don’t.”
State leaders say the expected completion date of May 2018 for the 21-mile stretch has not changed at this point.