noun
a word that refers to a person, place, thing, event, substance, or quality (in this case, 'event' is a noun)
adjective
a word that describes or modifies a noun (in this case, 'blessed' is an adjective)
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The couple announced the arrival of their blessed event, a healthy baby girl.
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Guess what? John and Sarah's blessed event finally happened - they had twins!
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Did you hear about the blessed event at the Smith's house? They got a new puppy!
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The groundbreaking ceremony was considered a blessed event for the community, marking the start of a new era.