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(INDIANA CAPITAL CHRONICLE) — The state of Indiana has agreed to let the Indiana Toll Road’s private operator increase tolls on all vehicles twice a year, in exchange for payments totaling $700 million, according to agency documents.
The Indiana Finance Authority on Tuesday approved a resolution authorizing changes to the 75-year lease with ITR Concession Company.
The toll rate for a full-length 157-mile trip is currently $16.21 for a Class 2 passenger vehicle, and $87.49 for a Class 5 truck.
The amendment allows the operator to hike tolls twice a year, beginning this year and rising every Dec. 31 and June 30 thereafter.
Tolls will increase by at least 1.5% each time, or — if it’s greater — by inflation. The tolls currently jump at least 2% once a year.
It is unknown how much new revenue the operator will receive from the change.
The operator will pay IFA $300 million within 30 days of the amendment taking effect. Within one year of the first payment, the agency will get paid $200 million — and within two years, an additional $200 million.
The money goes into special fund to be used for transport...
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