Really nice video (recommend full screen + HD):
https://www.youtube.com/watch?v=OC5C9a2udjoIt costed 25 million dollars (today's would be equivalent of 467 Millions), it was paid by a city bond as the Federal government was suffering due to the 29's crash.
It was completed in only 4 years, opened to the public in 1937.
The Department of defense wanted to paint it like this (the final color is known as 'international orange' and is used as the official color for some of high viz Astronaut's gear):
