Contact Information: Contact: Louise Grant Corrections Corporation of America (615) 263-3106 or 289-4298 louise.grant@correctionscorp.com
Corrections Corporation of America Announces Expansion Plan at New Facility Under Construction in Mississippi
| Source: Corrections Corporation of America
NASHVILLE, TN--(Marketwire - May 6, 2008) - Corrections Corporation of America (CCA), the
nation's largest provider of corrections management services to government
agencies, announced today its intent to increase the total capacity of its
Adams County Correctional Center, in Adams County, Mississippi, which is
currently under construction, by an additional 564 beds. Upon completion of
the additional beds, the Adams County facility, located in Natchez, will
have a total design capacity of 2,232 beds, at a total construction cost of
$135 million. The additional capacity means greater economic stimulation
to southwest Mississippi, bringing increased jobs and greater tax revenues.
With the expansion at the Adams County facility, which represents CCA's
fourth facility in Mississippi and the company's 67th nationwide, the Adams
County Correctional Center will employ more than 300 individuals, almost
all of whom will be recruited from the southwest Mississippi region. The
exact number of employees generated by the expansion depends upon the
ultimate government customer and specific contract.
As the owner of the correctional center, CCA pays property taxes, unlike
public correctional facilities, and the company anticipates annual taxes of
$1.4 million, as well as annual utility payments of approximately $1.7
million for the Adams facility.
Located on a site that spans more than 140 acres, the original Adams
construction project is anticipated to be complete in December 2008. The
company anticipates completion of this additional $30 million construction
project during the first quarter of 2009.
"CCA has made a strong commitment of resources in Mississippi. With the
opening of our Adams County Correctional Center, we will employ more than
1,000 Mississippians statewide, bringing stable careers, strong community
outreach and valuable taxes to stimulate the local economies where our four
facilities are located," said John Ferguson, president and CEO. "Although
we currently do not have a management contract for the Adams County
facility, CCA decided to move forward with increasing the design capacity
based on anticipated demand from federal and state agencies."
As a separate sign of economic stimulation, CCA is currently completing the
last phase of a major expansion of nearly 1,600 beds at its Tallahatchie
County Correctional Facility in Tutwiler, Mississippi. The company
completed a 720-bed expansion of this facility during the fourth quarter of
2007. The latest expansion of 848 beds is expected to be completed during
the second quarter of 2008 at an estimated incremental cost of
approximately $52 million. Following the completion of these expansions,
the Tallahatchie facility will have a total design capacity of 2,672 beds.
CCA has contracted with the state of California for utilization of the
Tallahatchie facility.
The Governor of Mississippi, Haley Barbour, added, "Once again, I am very
pleased that Corrections Corporation of America has taken advantage of
development opportunities available in the state of Mississippi and has
seized the initiative to expand further in Adams County. As I stated at
the Adams facility groundbreaking in August of last year, I welcome these
new jobs and this additional investment by our partner CCA in Mississippi.
The state and local officials and company representatives have worked
together on this important project, and I look forward to a continuing
strong relationship."
In addition to owning the Tallahatchie and Adams County facilities, CCA
manages on behalf of the state of Mississippi both the Delta Correctional
Facility in Greenwood and the Wilkinson County Correctional Facility in
Woodville, Mississippi.
The publicly traded company, headquartered in Nashville, Tenn., was named
by Corporate Responsibility Officer magazine in 2008 as one of the nation's
Top 100 Best Corporate Citizens. Forbes magazine in 2007 named CCA as the
Nation's Best Managed Company in the area of Business Services, and GI Jobs
Magazine has named the company one of the nation's Top 50 Military-Friendly
Employers.
About the Company
Corrections Corporation of America is the nation's largest owner and
operator of privatized correctional and detention facilities and one of the
largest prison operators in the United States, behind only the federal
government and three states. We currently operate 65 facilities, including
41 company-owned facilities, with a total design capacity of approximately
78,500 beds in 19 states and the District of Columbia. We specialize in
owning, operating and managing prisons and other correctional facilities
and providing inmate residential and prisoner transportation services for
governmental agencies. In addition to providing the fundamental residential
services relating to inmates, our facilities offer a variety of
rehabilitation and educational programs, including basic education,
religious services, life skills and employment training and substance abuse
treatment.