ALBUQUERQUE (KRQE) - The money is coming together to begin upgrading the Paseo del Norte-Interstate 25 interchange.
On Tuesday Albuquerque Mayor Richard J. Berry signed $46 million in bonds for the $93 million project.
In addition to the borrowed money, the city of Albuquerque will also put another $4 million in cash into the first phase of the rebuild .
The city was able to place the bonds at a below-current-market interest rate of 2.86 percent, according to the mayor's office.
Bernalillo County is contributing $5 million, the state $30 million and the federal government $8 million.
"By working with the governor and Legislature and the county and the federal government we've shown folks that we can actually do big projects," Berry said. "We can do big things if we're smart about the way that we're doing them."
The hope is that construction on the project will begin by the fall. The first phase includes a nonstop flyover exit from northbound I-25 to westbound Paseo and improvements on Paseo between the freeway and Jefferson Street NE.
The state last estimated the overall cost of rebuilding the interchange at around $350 million.
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