The Indiana Finance Authority has chosen a group led by Netherlands-based Isolux Infrastructure to finance, build and maintain the 21-mile section of Interstate 69 from Bloomington to Martinsville.

Isolux is working with local contractors E&B Paving of Anderson, Force Construction Co. of Columbus and Gradex Inc. of Indianapolis.

Isolux beat three other consortiums with its $325.5 million proposal. The initial financial plan’s projection was $347 million. Financing is expected to close by July 1; construction is to be substantially complete by Oct. 31, 2016.

The public-private partnership with Isolux is based on “availability payments,” which means the state will make payments from its existing revenue stream and the Indiana Department of Transportation’s budget. The base maximum under the Isolux deal would be $21.8 million a year.

The payments could be reduced if the road doesn’t meet performance standards.

The Major Moves fund, created from the $3.8 billion lease of the Indiana Toll Road, helped pay for the first four stages of the new I-69, but there’s no money left for the final two legs from Bloomington to Indianapolis. Construction is under way on Section 4 from Crane to Bloomington and is expected to open to traffic in phases during late 2014 and early 2015.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.