Indiana Toll Road Concession Company
ITR Concession Company LLC (ITRCC) is a subsidiary of IFM Investors that operates and maintains the Indiana East–West Toll Road. ITRCC has its headquarters in Elkhart, Indiana. ITRCC assumed this responsibility from the Indiana Department of Transportation on June 30, 2006, in accordance with a 75-year lease agreement, included as part of the 2005 "Major Moves" legislation proposed by Governor Mitch Daniels and enacted by the Indiana General Assembly in November 2005.[1]
On September 22, 2014, ITRCC announced it had filed Chapter 11 bankruptcy, and that a sale process for the asset would commence.[2] IFM Investors on March 11, 2015, announced that it had entered into a $5.725 billion agreement for the right to operate the Indiana Toll Road and collect toll revenue.[3] On May 27, 2015, IFM announced it had reached financial close on its acquisition of ITRCC, and thus inherited the remaining 66 years of the concession lease agreement.[4]
References
- ^ DeAgostino, Martin (June 30, 2006). "Indiana Toll Road Now Under Private Operator". South Bend Tribune. Archived from the original on June 22, 2015. Retrieved June 8, 2015.
- ^ Benman, Keith (September 22, 2014). "Indiana Toll Road Operators Declare Bankruptcy". The Times of Northwest Indiana. Munster, IN. Retrieved June 8, 2015.
- ^ Dolan, Bill (March 11, 2015). "Down-Under Consortium Claims Victory in Toll Road Bidding". The Times of Northwest Indiana. Munster, IN. Retrieved June 8, 2015.
- ^ Daubenspeck, Jake (May 27, 2015). "IFM Investors Completes Acquisition of Indiana Toll Road Concession Company" (Press release). Prosek Partners. Business Wire. Retrieved June 8, 2015 – via Yahoo! Finance (UK & Ireland).