Boca-based GEO Group wins pact to enlarge Florida prison
Published Sunday, October 7, 2007
by By John Johnston
Boca Raton-based GEO Group, which manages correctional facilities
around the world, was notified it will receive a contract to enlarge
the existing 1,500 bed Graceville Correctional Facility in north
Florida.
The contract from the State of Florida Department of Management
Services says the work involves the design, construction, financing
and operation of a 384-bed expansion of the facility.
The expansion will house close-custody adult male inmates and is
expected to become operational by Oct. 1, 2008. Officials from GEO
anticipate full occupancy early in the first quarter of 2009.
Once the expansion is completed, the 1,884 bed facility is expected
to generate about $28.5 million in annualized operating revenues
at full occupancy, excluding debt service on the revenue bonds issued
to fund the cost of construction.
In addition, The GEO Group was notified its contract for management
and operation of the 750-bed Moore Haven Correctional Facility in
Moore Haven, Fla., has been renewed for five years.
The facility houses minimum and medium custody inmates for the
State of Florida’s Department of Corrections.
The pact is expected to have an initial term of three years, with
one two-year renewal period.
The center was recently expanded by 235 beds, increasing the new
contract capacity to 985 beds. The pact is expected to generate
some $19 million in annualized operating revenues at full occupancy.
"We appreciate the confidence placed in our company by the
state of Florida,” said George C. Zoley, chairman of the board
and chief executive officer of GEO.
Dale M. King can be reached at 561-549-0832 or at dking@bocanews.com.
|
