A five-mile stretch of State Road 37 will be closed most of this year because of work on Interstate 69, and many local businesses expect a big influx of traffic through downtown as a result.
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Officials are estimating the corridor improvements will run $47 million over the project’s original $124 million budget.
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Mayor Scott Fadness told the Fishers City Council during a budget presentation Monday night that the city will solicit contractor bids for the project in April. He said the city has set aside about $20 million for the project.
The Noblesville City Council approved the bond anticipation note Tuesday to set the stage for a much larger future bond dedicated to the planned Pleasant Street expansion project.
The three-year project has been a long time coming. Conversations about alleviating congestion on S.R. 37 in Fishers and Noblesville began in 2005.
At long last, Interstate 69 is getting real for Marion, Johnson and Morgan counties.
The $124 million project will turn the highway into a freeway from 126th to 146th streets.
Work to improve State Road 37 between Bloomington and Martinsville to interstate standards began in 2014 and was originally slated for completion by the end of 2016. But multiple delays and financing problems have raised concerns about the private developer.
The Indiana Department of Transportation this month released plans detailing the location of interchanges along the final leg of Interstate 69, information that’s expected to spark investment.
In a recent report, Fitch Ratings expresses doubt that the section of I-69 between Bloomington and Martinsville will be completed by its June 2017 deadline.
A state report said nearly 280 residences and 96 businesses between Martinsville and Indianapolis will need to be relocated to make way for the extension.
The city of Fishers is investing tens of thousands of dollars in a consulting firm to address needs of businesses along State Road 37, which is expected to be redesigned into a free-flowing parkway, even though construction is at least two years down the road.
