Indiana Toll Road cash delivered; Chicago Bears still deciding

Indiana is still waiting for a definitive answer from the Chicago Bears on their new stadium plans even as Hoosier drivers on the Indiana Toll Road prepare for another rate hike and $300 million sits unused in an account.

Lawmakers in February directed the Indiana Finance Authority to negotiate an amendment to the lease with ITR Concession Co. The language was in a bill setting up the framework of a northwest Indiana stadium deal.

The money the state received could then be used for infrastructure needs related to the project or anywhere in the seven counties along the toll road.

The operator agreed to pay the state $700 million in multiple installments in exchange for the right to raise toll rates on all vehicle classes twice a year at a minimum of 1.5% or more if inflation is greater.

That first installment came June 24 and remains unspent and invested in an IFA Trust Account, authority officials said.

Indiana still owns the road but handed over operations via a 75-year lease. This is the second time the state has allowed additional toll hikes to pull money out of the road for state use.

On June 30, toll rates went up 4.4% under previous contract guidelines, which allowed one annual increase at 2% or inflation, whichever is greater.

• For a light vehicle (2-axle) driving the full route between Illinois and Ohio, the increase was 72 cents
• For a heavy vehicle (5-axle) driving end-to-end, the increase was $3.88

Another hike will come Dec. 31 under the latest amendment.

The next payment of $200 million will come June 30, 2027, and a final $200 million on the same date in 2028.

If the Bears move to Indiana, the money is expected to be used in Lake County for related infrastructure. But it can also be spent in Porter, Elkhart, LaGrange, LaPorte, Steuben or St. Joseph counties.

The amendment also requires the operator to make at least $25 million in capital improvements to the Indiana Toll Road within five years.

The Chicago Bears in early August said Hammond was their “sole focus,” but they continue to negotiate in Illinois. And NFL Commissioner Roger Goodell has said Arlington Heights in Illinois remains in play.

“We want to make sure that Arlington Heights and Illinois have an opportunity as well as Indiana to put their best foot forward,” Goodell said in late August.