“We did it,” Mayor Richard Berry told a large crowd in a sweltering tent set up for the event near the intersection.
“It’s a good day when good government comes together to make things happen in our community.”
Construction is expected to conclude in either late 2014 or early 2015, which will likely overlap with next year’s Balloon Fiesta, officials said.
The City of Albuquerque will pay more than half the cost with $50 million in gross-receipt tax revenues approved by voters last year. Bernalillo County voters approved $5 million in general obligation bonds last year.
Other sources include $29.75 million from the state and $8.25 million from federal sources.
“This is truly the people’s project, as it was overwhelmingly approved by city of Albuquerque and Bernalillo County voters in last November’s election,” Gov. Susana Martinez said.