Tutor Perini Announces Notice of Hearing Regarding Proposed $2.95 Billion Contract Award for the Design-Build Program for the NYC Borough Based Jails System, Brooklyn Facility

Rhea-AI Summary

Tutor Perini Corporation (NYSE: TPC) has announced that the City of New York will hold a public hearing on March 23, 2023, at 10:00 a.m. ET, regarding a proposed contract with the NYC Department of Design and Construction. The contract, valued at $2,958,933,292, is for the Design-Build Program for the Brooklyn Facility of the NYC Borough Based Jails System. The contract duration is set for 2,317 consecutive calendar days from the notice to proceed.

Tutor Perini has been a key player in civil, building, and specialty construction since 1894, recognized for its capability to execute complex projects efficiently.

Positive

• Awarded a significant contract valued at $2,958,933,292 for NYC's borough-based jails system.
• Contract duration of 2,317 consecutive calendar days indicates a long-term project with established revenue potential.

Negative

• None.

LOS ANGELES--(BUSINESS WIRE)-- Tutor Perini Corporation (NYSE: TPC), a leading civil, building and specialty construction company, announced today that the City of New York has posted a notice for a public hearing to be held at 10:00 a.m. Eastern Time on March 23, 2023, regarding a proposed contract between the New York City Department of Design and Construction and Tutor Perini Corporation for the Design-Build Program for the NYC Borough Based Jails System, Brooklyn Facility. The proposed contract amount is $2,958,933,292. The contract term is 2,317 consecutive calendar days from the date of notice to proceed.

For further details about this public hearing, please see the information posted here.

About Tutor Perini Corporation

Tutor Perini Corporation is a leading civil, building and specialty construction company offering diversified general contracting and design-build services to private clients and public agencies throughout the world. We have provided construction services since 1894 and have established a strong reputation within our markets by executing large, complex projects on time and within budget while adhering to strict quality control measures.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230315005766/en/

Tutor Perini Corporation

Jorge Casado, 818-362-8391

Vice President, Investor Relations and Corporate Communications

www.tutorperini.com

Source: Tutor Perini Corporation

FAQ

What is the purpose of the public hearing scheduled for March 23, 2023, regarding TPC?

The public hearing is regarding a proposed contract between the NYC Department of Design and Construction and Tutor Perini Corporation for the Design-Build Program of the Brooklyn Facility.

What is the contract amount proposed for Tutor Perini Corporation by the City of New York?

The proposed contract amount is $2,958,933,292.

How long is the contract with TPC expected to last?

The contract term is 2,317 consecutive calendar days from the date of notice to proceed.

What sector does Tutor Perini Corporation operate in?

Tutor Perini Corporation operates in the civil, building, and specialty construction sector, providing general contracting and design-build services.