INDIANAPOLIS (AP) — In the biggest highway privatization deal in U.S. history, state officials Wednesday signed an agreement Wednesday to turn the 157-mile Indiana Toll Road over to a foreign consortium that will operate it for a profit for the next 75 years.
Under the lease, Spanish-Australian consortium Cintra-Macquarie would pay the state $3.8 billion up front and be responsible for operating and maintaining the highway. It would get to keep the toll revenue it collects.
Republican Gov. Mitch Daniels said the upfront payment would help pay for other transportation projects and create jobs.
Opponents argued it violates the state constitution and have sued. They said the constitution requires that the proceeds from the sale of any public works be used to pay off state debt. The Daniels administration said the arrangement is not a sale but a lease.
The Indiana Toll Road begins at the Skyway's eastern end and is Interstate 80/90 for most of its length.