In 1967, work began; the first phase of the new city was completed in 1970 at a cost of 24 million Belize dollars (US$12 million). From 1970 to 2000 the administration of Belmopan was managed by the Reconstruction and Development Corporation, known as "Recondev." Recondev was vested with the power and authority to provide, or cause to be provided, the municipal functions necessary for the smooth running of the city's business and infrastructure.