ELOY, AZ - A new private prison is set to open today in Eloy.

Corrections Corporation of American says the Red Rock prison cost 82 and a-half million dollars to build. The prison will employ 317 local residents and house nearly 16-hundred medium-security inmates. It's the company's third prison in Pinal County.

A fourth prison is scheduled to open in Eloy in 2007. Company representatives, local and state politicians, prison officials and Eloy residents will gather at Red Rock today for a ribbon-cutting ceremony and tours of the facility.