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| GA Makes Deal With Group For New Facility |
| By marketwatch.com |
| Published: 07/21/2010 |
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BOCA RATON, Fla., Jul 21, 2010 (BUSINESS WIRE) -- The GEO Group /quotes/comstock/13*!geo/quotes/nls/geo (GEO 21.46, -0.06, -0.28%) ("GEO") announced today that it has signed a contract with the State of Georgia, Department of Corrections for the development and operation of a new 1,500-bed correctional facility (the "Facility") to be located in Milledgeville, Georgia. Under the terms of the contract, GEO will finance, develop, and operate the new $80.0 million, 1,500-bed Facility on state-owned land pursuant to a 40-year ground lease. The Facility is expected to generate approximately $28.0 million in annualized revenues and is expected to open in the first quarter of 2012. George C. Zoley, Chairman and Chief Executive Officer of GEO, said, "We appreciate the confidence placed in our company by the Georgia Department of Corrections. This important project will help meet the state's correctional bed needs. We look forward to developing a strong public-private partnership with the State of Georgia and the community of Milledgeville." Read More. |
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