(INDIANAPOLIS) - Indiana’s plan to help finance infrastructure around a possible Chicago Bears stadium in Hammond is now tied to twice-yearly Toll Road increases under a new $700 million lease agreement.
The Indiana Finance Authority approved the lease amendment Tuesday, allowing the Toll Road’s private operator to raise rates every June 30 and Dec. 31 beginning this year.
Each increase would be at least 1.5 percent, or the inflation rate if inflation runs higher.
In exchange, the state would receive $700 million total — $300 million within 30 days, followed by two $200 million payments over the next two years.
That money is expected to help fund transportation and infrastructure work tied to the proposed Bears stadium district in Lake County.
The toll hikes would still happen even if the Bears never move to Indiana.
Only after that, the state could also direct the fund toward transportation projects in Steuben, LaGrange, Elkhart, LaPorte, Porter and St. Joseph counties.
The agreement also requires the Toll Road operator to complete at least $25 million in capital improvements within five years.