Mayor Richard Berry sends resolution to kickstart funding for Paseo del Norte/I-25 Interchange project.
Albuquerque, NM—Working in collaboration with three City Councilors, Mayor Richard J. Berry sent the City Council legislation to kick start the funding for the Paseo del Norte/I-25 Interchange.
Mayor Berry has asked Councilors Dan Lewis, Don Harris, and Brad Winter to sponsor his resolution. The legislation reserves $3 million to provide bonding capacity for a possible City of Albuquerque match of funds from the State of New Mexico pending the outcome of the 2012 legislative session.
Three million dollars will create a cash flow that will allow the City of Albuquerque to bond up to $50 million in debt service. The resolution calls for a potential cash match at a minimum of $25 million and up to $50 million for any state or federal funds put towards the project.
“The Paseo del Norte Interchange is vital to the transportation needs of our growing city. This project has been a priority since day-1 of my Administration. This resolution sends a strong message to the State that Albuquerque is vested in the project and that State support is vital if we are going to get this project moving. I’m urging all City Councilors to support this resolution.”
Project estimates indicate that phase-1 of the project cold be completed for $90 million dollars. Phase-1 includes ramps, a flyover, and new traffic lanes.