FORT COLLINS - The City of Fort Collins will receive another $54.5 million in federal dollars for the Mason Street Corridor, officials announced Monday.

These dollars will complete the funding of the five-mile project, according to Mark Jackson, budget, policy, and communications manager for the city.

The $50 million fulfills the Federal Transportation Administration's pledge to fund 80 percent of the project, Jackson said.

The other 20 percent of the funds will come from the city, the Downtown Development Authority, Colorado State University/CSU Research Foundation and the Colorado Department of Transportation.

The city's share of the cost is between $4 and $5 million, according to the city's website. The bus rapid transit system is expected to be operational in early 2014.

The project's total cost is $87 million, and construction is set to begin in earnest this summer. To read more about the project, click here.

The city first applied for a $50 million Project Construction Grant Agreement in August 2011, and can now begin to use the money to finance the project. In 2010, Fort Collins was awarded $11 million for project planning and related work.

The total federal commitment to the project is $69.4 million.

FTA Administrator Peter Rogoff was in Fort Collins Monday to sign the official agreement granting the money to the city. Rogoff and city officials spoke at a ceremony held at the Midtown Arts Center.

Rogoff, Fort Collins Mayor Karen Weitkunat and City Manager Darin Atteberry, along with other dignitaries, signed the agreement awarding the funds to Fort Collins.

For more on the project, click here.