Tutor Perini Corp. (TPC), a civil and building construction company, said its joint venture's bid, valued at about $985 million, was recently identified by the California High-Speed Rail Authority as the "apparent best value" for the design and construction of the initial Madera to Fresno segment of the California high-speed rail system. The Authority's board is likely to approve the design-build contract for this project in the coming weeks. Once the contract is granted, Tutor Perini's portion of the contract value would be added to the company's backlog.
Tutor Perini is the managing partner of the joint venture team, which includes Zachry Construction Corporation of San Antonio, Texas and Parsons Corporation of Pasadena, California. Initial work on this project is planned to begin by July 2013. The project is anticipated to create more than 1,000 construction jobs per year over its four-year duration.
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