Finalizing the Paseo del Norte project is underway
Posted at: 04/02/2013 8:33 AM
By: Erica Zucco, KOB Eyewitness News 4
Tuesday morning, Mayor Richard Berry will meet with the Department of Finance and Department of Municipal Development to finalize $50 million worth of city funding for the Paseo I-25 project.
The funds were approved by Albuquerque voters in November and make up about half of the $93 million needed for the project. Five million will come from Bernalillo County, about 30 million from NMDOT, and about 8 million from federal funds.
The project aims to save commuters an annual 350,000 in annual travel time, or about one hour per person per week. Planners expect 470 fewer accidents a year, congestion relief on parallel river crossings and better air quality due to reduced congestion.
A Mid-Region Council of Economic Governments Economic Modeling project claims it could create $2.8 billion in net new economic activity between years 2013-2031 and more than 3000 net new jobs in 20 years.