Major Moves update: Toll Road lease signed

We just received this important update on the Major Moves program:

"The Indiana Finance Authority and ITR Concession Company LLC, the joint venture formed by Cintra and Macquarie, today executed the lease agreement for the Indiana Toll Road. Charles Schalliol, director of the Office of Management and Budget Director, in his capacity as chair of the Indiana Finance Authority Board, signed the agreement. Signatures are effective as of 9 a.m. today.

The parties will now move toward closure of the $3.8 billion, 75-year Toll Road lease by June 3o.

The lease includes an addendum, which provides for: a "toll freeze" for passenger vehicles at current rates until electronic tolling is put in place; a 40 percent discount through June 30, 2016, for passenger vehicles utilizing electronic tolling; and continuation of commuter discount cards until the availability of electronic tolling. Copies of the addendum are available. The lease agreement itself, which is posted at http://www.in.gov/ifa/, did not change."