The funding will include more than $34 million for a mechanized system to link the downtown to trails and a promenade along the banks of the North Saskatchewan River.
There is also cash for a footbridge across the river at Terwillegar Park, boat docks and new trails on the western and eastern edges of the city and beyond.
The Alberta and federal governments are to each kick in $30 million.
Mayor Stephen Mandel says the city is proud to showcase the largest river valley park in North America.
The City of Edmonton is contributing $24.3 million, with the rest of the cash coming from neighbouring municipalities.
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