The proposed increase in truck tolls along the Indiana Toll Road was officially approved by the Indiana Finance Authority on Thursday.
The 35% increase in truck only tolls along the toll road was approved September 20th and will go into effect on October 5th as part of the state of Indiana’s deal with the toll-road operator – a deal that has earned the state $1 billion for agreeing to the toll hike, which has raised a 5-axle semi truck’s fee from $44.46 to $60.02 to travel the full 156 miles.
The state of Indiana says that the money it received in the deal, called “Next Level Connections,” will go towards completing the currently unfinished Interstate 69 in central Indiana three years ahead of schedule, as well as improvements on Highways 20, 30, and 31, increased access to broadband internet in rural areas, and improved hiking and biking trails throughout the entire state. The money will be disbursed to the state of Indiana in increments of $300, or $400 million every October until 2020.
Additionally, the company that leases and operates the toll road has added a promising aspect to the deal – they have agreed to invest $50 million in expanded truck parking along the toll road, electric truck chargers at travel plazas across the state, improved digital signage along the toll road, and added cameras to help monitor traffic and prepare for the possibility of accommodating autonomous vehicles. The company’s lease on the toll road runs until the year 2081.
“It’s really a great opportunity to continue to move our state forward, much like the original deal did,” said Micah Vincent, state finance board chairman, while Governor Eric Holcomb says the plan sends “a big message to the world that Indiana is making a huge investment in our quality of life.”
Vincent also says that he doesn’t believe that truckers will keep off the toll roads even in the face of the toll hike because “time is money.”
“There’s a reason that you’re selecting to use the Toll Road,” he said.