The Illinois Tollway’s Finance Administration Operations and Strategic Planning Committees recommended approval today of a $4 million contract award to Schaumburg-based TranSystems Corp. to continue plans for the proposed extension of Illinois Route 53/120 in Lake County.
“This is an important step forward for the Illinois Route 53/120 Extension, which is expected to create thousands of jobs and drive economic development in Lake County and the region for decades to come,” said Governor Pat Quinn. “This project can also serve as a national model for how to design and build a roadway that preserves and protects the environment and local communities."
The new contract recommended for approval today will develop a detailed engineering concept, evaluate cost estimates, refine traffic and revenue analyses and survey customers’ willingness to pay tolls on the proposed extension.
The contract also includes services to study the environmental and economic impacts of the project. Work is expected to take 18 months to complete.
The Illinois Route 53/120 Extension is expected to cost between $2.3 and $2.7 billion. The Illinois Tollway Board of Directors is expected to approve the contract with TranSystems Corp. at its Feb. 28 meeting.
The Blue Ribbon Advisory Council brought together public officials and representatives from business, labor, planning and environmental groups to assist in the planning and potential building of the Illinois Route 53/120 Extension in Lake County.
Its final report recommended that the Tollway proceed with further development of Illinois Route 53 as a four-lane, 45 mph tolled parkway. The report also outlined the scope, configuration and design elements of the new roadway and proposed a financial framework for the project.
Source: Illinois Tollway