The Fishers Town Council voted Monday to join Hamilton County in spending $10 million in local funds toward construction of an Interstate 69 exit at 106th Street.
Fishers will contribute $8 million toward the estimated $25 million cost of the new interchange. Hamilton County commissioners in October agreed to contribute $2 million to the project from the county’s major bridge fund.
“The new 106th Street exit will reap dividends in economic development and reduced travel on town streets with minimal impact to through traffic on I-69,” said Fishers Town Council President Scott Faultless in a prepared statement.
Fishers said it will move quickly to issue a bond to finance its $8 million portion. After getting the $10 million, the Indiana Department of Transportation will begin initial planning and environmental review for the project.
With approval of by the Federal Highway Administration and the Indianapolis Metropolitan Planning Organization, construction could begin on what will be called Exit 204 in 2015.
Fishers, Hamilton County and INDOT officials declined to discuss details of the agreement before Monday’s meeting.
“A 106th Street interchange is something we’ve been pursuing for quite some time, for more than two years,” said Maura Leon-Barber, town of Fishers spokeswoman, earlier Monday. “Traffic volume and congestion is obviously something that has been a concern in that area.”
The lack of an I-69 interchange at 106th Street often leads to traffic congestion at the interchanges at 96th and 116th streets, Leon-Barber said. About 110,000 vehicles travel that stretch of I-69 daily.