<PAGE>

                                                                  EXHIBIT 10.121
    Equipment Schedule No.   1
                          ---------

    Dated as of  3-23-00
               -----------------------------------
    To Master Lease Agreement dated  3-23-00
                                   ---------------

<TABLE>
    <S>                                                                     <C>
                                                                              Acceptance Date   3-23-00
                                                                                              -----------------------
                                                                              Commencement Date
                                                                                                ---------------------
    Equipment Schedule to MASTER LEASE AGREEMENT dated as of   3-23-00
                                                             ---------------------------------------------
    between
</TABLE>

    THE CIT GROUP/EQUIPMENT FINANCING, INC., as Lessor
    and Meadow Valley Contractors, Inc.                               as Lessee.
        --------------------------------------------------------------
    This Equipment Schedule incorporates the terms and conditions of the
    above-referenced Master Lease Agreement.

    This is Originally Executed Copy No 1 of 1 originally executed copies. Only
    transfer of possession by Lessor of Originally Executed Copy No. 1 shall be
    effective for purposes of perfecting an interest in this Schedule by
    possession.

<TABLE>

    1.  EQUIPMENT DESCRIPTION:
   <S>           <C>                  <C>                    <C>                      <C>                         <C>
    Quantity      Manufacturer          Model/Feature         Serial Number             Description                 Cost Per Unit
    --------      -----------           -------------         ------------              -----------                 -------------
</TABLE>

     SEE SCHEDULE "A" ATTACHED HERETO AND MADE A PART HEREOF






    2.  LESSOR'S AGGREGATE COST OF EQUIPMENT. $2,921,325.73
                                              ------------------
<TABLE>
    <S>                                                                         <C>                          <C>
    3.  EQUIPMENT LOCATION. 4411 South 44th St.,                                 Phoenix,                     AZ  85040
                             -------------------------------------------------------------------------------------------
</TABLE>

    4.  ACCEPTANCE: Lessee confirms that (a) the Equipment described herein has
        been delivered to it in good working order and condition, and has been
        inspected and accepted by Lessee as of the Acceptance Date set forth
        above, (b) no Event of Default exists, (c) no Event of Default will be
        caused by the execution of this Schedule, (d) all Lessee's
        representations and warranties are true and correct, and (e) the terms
        and provisions of the Master Lease are hereby incorporated by reference
        and reaffirmed.

    5.  LEASE TERM.

        a. Interim Lease Term. The interim term of the lease of the Equipment
        shall commence on the Acceptance Date and shall continue until the
        commencement of the Primary Lease Term defined below.
        b. Primary Lease Term. The primary term of the lease of Equipment shall
        commence on the Commencement Date and shall continue for a term of 72
                                                                           --
        months from such Commencement Date.

    6.  RENT PAYMENTS.

        a. Interim Rent. The rent for each item of Equipment during the Interim
        Lease Term shall be an amount equal to 1/30th of the Primary Rent
        (defined below) multiplied by the number of days from and including the
        Acceptance Date to the Commencement Date which amount shall be payable
        on the Commencement Date.

        b. Primary Rent. The rent for each item of Equipment during the Primary
        Lease Term shall consist of 72 payments of $46,357.40
                                    --             -------------------,
        payable monthly commencing on the Commencement Date and a like sum on
        the same day of each month thereafter.

    7.  STIPULATED LOSS VALUES. The Stipulated Loss Values, expressed as a
        percentage of Lessor's cost of the Equipment, are set forth in Exhibit A
        attached hereto. The Stipulated Loss Value with respect to any item of
        Equipment as of any rent

<PAGE>

        payment date shall be an amount determined by multiplying Lessor's cost
        of the item by the applicable percentage set forth on Exhibit A. Any
        Stipulated Loss Value determined as of a date after the final rent
        payment date will be determined by using the percentage for the final
        rent payment date.

    8.  RETURN, OPERATION, MAINTENANCE, ADDITIONS. The return, operation,
        maintenance and additions provisions applicable to the Equipment are set
        forth in Rider A attached hereto.

    9.  DEPRECIATION TAX ASSUMPTIONS. Equipment has a recovery period of 5
                                                                        ---
        years.


    10. NONREFUNDABLE PROCESSING/ORIGINATION FEE payable to The CIT
        Group/Equipment Financing, Inc.

        $0.00
         ------------------------

    11. ADDITIONAL PROVISIONS:

    Year 2000. The Lessee shall take all action necessary to assure that its
    computer-based systems are able to effectively process data including dates
    and date sensitive functions. The Lessee represents and warrants that the
    Year 2000 problem (that is, the inability of certain computer applications
    to recognize and correctly perform properly date-sensitive functions
    involving certain dates prior to and after December 31, 1999) will not
    result in a material adverse effect on the Lessee's business condition or
    ability to perform hereunder. Upon request, the Lessee shall provide
    assurance acceptable to the Lessor that the Lessee's computer systems and
    software are or will be Year 2000 compliant on a timely basis. The Lessee
    shall immediately advise Lessor in writing of any material changes in the
    Lessee's Year 2000 plan, timetable or budget.









    IN WITNESS WHEREOF this Equipment Schedule has been signed as of the date
    set forth above.

    Lessee:



    Meadow Valley Contractors, Inc.
    -------------------------------------------------------------------
    By /s/ Kenneth D. Nelson              Title   Vice President
       -------------------------------------     ----------------------

      Kenneth D. Nelson
    -------------------------------------------------------------------
    Print or Type Name


    Lessor:

    THE CIT GROUP/EQUIPMENT F1NANCING, INC.

    By /s/ Kevin Wyatt                    Title   [ILLEGIBLE]
       -------------------------------------     ----------------------

                       Kevin Wyatt
     ------------------------------------------------------------------
     Print or Type Name