CHICAGO -- A railway company in Illinois has proposed using its land for a private consortium to build and operate a toll road that would cost an estimated $1.2 billion.

John D. Kramer, president and chief executive officer of John D. Krmaer & Associates Inc., the railway's consultant for the project, said that under the proposal, public and private funds -- including the possible use of almost $590 million of tax-exempt revenue bonds -- would be tapped to fund a six-lane, 34-mile toll road. That toll road would be built alongside the E. J. & E. Railway's rail line, using its 100-foot-wide right-of-way and other contiguous land.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.