The Indiana Finance Authority (IFA), the Indiana Department of Transportation (INDOT) and the Illinois Department of Transportation (IDOT) have reached an agreement on how to design, build, finance, operate and maintain the proposed Illiana Corridor project.

The IFA/ INDOT and IDOT will each procure their individual sections of the 47-mile access controlled highway that would extend from I-65 in Indiana to I-55 in Illinois. Both states will use their respective Public-Private Partnership laws to enter into a long-term concession agreement to develop and build the expressway.

The estimated investment for the project is US$1.1 billion.

Each state expects to issue a Request for Qualifications this fall for private firms who are interested in the project. This will include information about the upcoming Requests for Proposals for the Illiana, as well as the project's expected commercial and financial timing.

The two states will continue to work together to coordinate schedules, technical provisions and tolling operations. They will also continue to coordinate under the National Environmental Policy Act as required by the federal government.

The IFA/INDOT and IDOT plan to begin construction on the Illiana in the spring of 2015.

INDOT and IDOT hold an Industry Forum on June 24 & 25, 2013 to inform about plans for the project.