Indiana is awaiting a definitive answer from the Chicago Bears regarding their new stadium plans, even as Hoosier drivers on the Indiana Toll Road prepare for another rate hike. Meanwhile, $300 million from a recent lease amendment sits unused in a state account, authority officials said.
In February, state lawmakers directed the Indiana Finance Authority (IFA) to negotiate an amendment to the lease agreement with ITR Concession Co., the Indiana Toll Road operator. This directive was included in a bill outlining the framework for a potential stadium deal in northwest Indiana. The funds the state received from this amendment were designated for infrastructure needs related to the project or for general infrastructure in any of the seven counties along the toll road: Lake, Porter, Elkhart, LaGrange, LaPorte, Steuben, or St. Joseph counties.
Under the terms of the amendment, the operator agreed to pay the state $700 million through multiple installments. In exchange for this payment, the ITR Concession Co. gained the right to raise toll rates for all vehicle classes twice annually, with each increase being a minimum of 1.5% or more if inflation dictates a higher rate. The first installment of $300 million was delivered to the state on June 24 and, according to authority officials, remains unspent and is currently invested in an IFA Trust Account.
Additional payments are scheduled, with the next $200 million due on June 30, 2027, and the final $200 million installment expected on the same date in 2028. These funds, if the Bears ultimately choose Indiana for their move, are expected to be allocated to Lake County for related infrastructure development. However, the money can also be spent in other specified counties along the toll road.
Drivers on the Indiana Toll Road have already seen recent rate adjustments. On June 30, toll rates increased by 4.4% under existing contract guidelines, which allowed for one annual increase based on 2% or inflation, whichever was greater. Another rate hike is scheduled to take effect on December 31, stemming from the latest amendment to the lease agreement.
Indiana maintains ownership of the Indiana Toll Road but transferred its operations via a 75-year lease. This marks the second instance where the state has permitted additional toll hikes to generate revenue for state use. Beyond the financial payments, the amendment also mandates that the operator make at least $25 million in capital improvements to the Indiana Toll Road within five years.
The Chicago Bears indicated in early August that Hammond was their “sole focus” for a potential new stadium location. However, the team continues to negotiate in Illinois. Adding to the uncertainty, NFL Commissioner Roger Goodell stated in late August that Arlington Heights in Illinois "remains in play." Goodell further emphasized in late August that both Arlington Heights in Illinois and Indiana should have "an opportunity... to put their best foot forward.” The ongoing negotiations leave Indiana's $300 million infrastructure fund on hold.