Little progress was made until 1886, when Jules Grévy was re-elected as president of France and Édouard Lockroy was appointed as minister for trade. A budget for the exposition was passed and, on 1 May, Lockroy announced an alteration to the terms of the open competition being held for a centrepiece to the exposition, which effectively made the selection of Eiffel's design a foregone conclusion, as entries had to include a study for a 300 m (980 ft) four-sided metal tower on the Champ de Mars. (A 300-meter tower was then considered a herculean engineering effort).
A ceremony of dedication was held on the afternoon of October 28, 1886. President Grover Cleveland, the former New York governor, presided over the event. On the morning of the dedication, a parade was held in New York City; estimates of the number of people who watched it ranged from several hundred thousand to a million. President Cleveland headed the procession, then stood in the reviewing stand to see bands and marchers from across America. General Stone was the grand marshal of the parade. The route began at Madison Square, once the venue for the arm, and proceeded to the Battery at the southern tip of Manhattan by way of Fifth Avenue and Broadway, with a slight detour so the parade could pass in front of the Worldbuilding on Park Row. As the parade passed the New York Stock Exchange, traders threw ticker tape from the windows, beginning the New York tradition of the ticker-tape parade.