|Wackenhut Corrections Opens New Prison for Federal Bureau Of Prisons in North Carolina|
Wackenhut Corrections Corp. has announced it has received Notice To Proceed verification from the U.S. Department of Justice, Federal Bureau of Prisons for the opening of the Company's newest correctional facility, Rivers Correctional Institution located in Winton, North Carolina.
The facility was designed, built, and financed by Wackenhut Corrections Corporation in accordance with the specifications of the BOP.
On March 7, 2000, the BOP contracted with WCC to provide and operate a 1200-bed, low security, adult male facility. The contract for the management of the facility is a fixed-price contract with revenues for the three-year initial period and seven option years expected to total $327 million, not including award fees. Further, the contract provides for payment of services exclusive of occupancy commencing on March 7, 2001.
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