INDIANAPOLIS (WLKI)- Indiana has received $300 million under a new Indiana Toll Road agreement, but the money remains unused as state leaders await a decision from the Chicago Bears on a potential northwest Indiana stadium.
Lawmakers approved legislation in February directing the Indiana Finance Authority to negotiate changes to the toll road lease. Under the agreement, ITR Concession Company agreed to pay the state $700 million in installments in exchange for the ability to raise toll rates twice a year.
The first $300 million payment was made June 24 and is being held in an Indiana Finance Authority trust account.
If the Bears choose to build a stadium in northwest Indiana, the money could be used for related infrastructure in Lake County. The funds could also be used for projects in Porter, Elkhart, LaGrange, LaPorte, Steuben or St. Joseph counties.
The agreement also calls for the toll road operator to make at least $25 million in capital improvements within five years.
Toll rates increased 4.4 percent June 30 under the previous contract guidelines. Another increase is scheduled for December 31 under the amended agreement.
The Bears have identified Hammond as their focus in Indiana but are continuing stadium discussions in Illinois.