CHICAGO — Illinois and Indiana plan this fall to formally begin a search for private partners for the proposed $1.25 billion Illiana Expressway, but the plan faces a new obstacle following the release of a stinging report that warns of the project's financial risk to Illinois.

The report released Friday comes from the Chicago Metropolitan Agency for Planning which was asked by the Illinois Department of Transportation to include the project in its long-range regional transportation development program. The agency's staff examined whether the project meets the policy goals for the plan known as GO TO 2040 and on a number of fronts found it lacking.

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