Mayor Berry Signs Off on Paseo Del Norte/I-25 Bond Question
May 31, 2012
Albuquerque- Today, Mayor Richard J. Berry signed legislation to put the bond question for improvements to the Paseo Del Norte and I-25 Interchange on the November 6th ballot. The bond question passed the City Council unanimously at their last meeting. The question will read as follows "Shall the City of Albuquerque issue up to $50,000,000 of its gross receipt tax revenue bonds to study, acquire property for, design, develop, improve, construct, reconstruct, rehabilitate, renovate, modernize, sign, enhance, landscape and otherwise improve the Paseo Del Norte and I-25 interchange?"
"This is a great opportunity for the citizens of Albuquerque to team with the county, state, and federal governments to alleviate one of the worst traffic nightmares in our city," said Mayor Berry. "A vote for this bond issue will not raise taxes a dime and will actually put already collected tax dollars back into our community in the form of critical infrastructure. I urge everyone to get out and support this fantastic project that will vastly improve the quality of life for 56 million drivers a year- that will create jobs now, and foster billions in economic development potential."
This Paseo Del Norte/I-25 Interchange project is expected to cost $93 million dollars. If passed by the voters, the city’s contribution will be added to an already approved amount of $30 million from the State of New Mexico. Bernalillo County will have a $5 million dollar bond election as well. The federal government has previously appropriated $20 million for initial work that has taken place prior to this project.