City That Privatized Jail Floats Bonds for New Model: Empty Beds
- Indianapolis is selling $610 million of bonds for jail project
- All-in-one criminal-justice site meant to reduce recidivism
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Indianapolis is getting out of business with the U.S.’s second-biggest for-profit prison company. And it’s taking a new 3,000-bed jail with it.
When the city heads to Wall Street Thursday to borrow $610 million to build a jail and criminal justice complex on the site of an old coking factory, it’s betting it can better house criminals and rehabilitate them on its own. That means CoreCivic Inc., which has run a Marion County jail for two decades, will lose the contract when the new one opens.