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TheStreet Open House

Cadiz Valley Water Project Would Create Over 5,900 Jobs, Boost Local Economy And Provide New Revenue To Local Government And Schools

Today Cadiz Inc. (NASDAQ:CDZI) (“Cadiz”) announced the release of a report by prominent economist John E. Husing, Ph.D. which found that the Cadiz Valley Water Conservation, Recovery and Storage Project (“Project”) would create and support over 5,900 jobs, generate more than $878 million in economic activity over its two phases, and infuse tens of millions in tax revenue to local governments. The Project is designed to provide renewable local groundwater to Southern California communities by building a wellfield and pipeline on privately owned land to deliver water to the Colorado River Aqueduct. A second phase of the Project would provide approximately one million acre-feet of underground storage for imported water.

“The construction phase of the Cadiz Valley Water Project would create a cumulative total of nearly 6,000 direct, indirect and induced jobs over the four years of effort, to tap into San Bernardino County’s extensive labor supply, where the high desert unemployment was 16.4% in March 2011. It would also support local manufacturers of materials used in construction of wells, pipelines, and power generation, with a net local four year economic impact of $878 million,” said Dr. Husing. “Over the long term, the Project also would significantly increase property tax revenue, annually increasing tax revenue to San Bernardino County by approximately $5.4 million per year, and approximately $613,000 to the Needles Unified School District.”

“The Cadiz Project would bring exactly the kind of quality green jobs we need in our area, and support Fontana’s local manufacturers. I am very impressed by the report and encouraged that the Cadiz Project offers a new opportunity to help the local economy bounce back,” said Fontana Mayor Aquanetta Warren.

Over 45 years, Dr. Husing has focused his work primarily on the Inland Empire, studying the economy and demographic trends in San Bernardino and Riverside Counties. His report released today analyzed the year-by-year results of the Project’s design and construction, considering annual expenditures, direct, indirect and induced job creation, and the long-term increase in property tax value over the life of the Project. The report, available at http://www.cadizinc.com/econ-impact-report, was prepared in advance of final design for the phased project. The environmental impacts attributable to the expected job creation will be analyzed in the Environmental Impact Report for the Project taking into account Project phasing and final design.

The job creation and economic impact findings are based on an estimated construction cost of approximately $278 million for the conservation and recovery phase of the Project, and an estimated construction cost of approximately $258 million for the second imported water storage phase. Dr. Husing found that this investment would directly create quality engineering, construction and manufacturing jobs at the Project area and additional employment opportunities in the surrounding communities as the Project’s vendors and workers spend their earnings locally. Altogether the ripple effect of Project construction totals more than $878 million in new economic activity in San Bernardino County.

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