Conneaut Prison Sold To Corrections Corporation of America For $72.7 Million
September 1st, 2011 3:15PM inashtabulacounty.com
Conneaut, OH – The Lake Erie Correctional Institution has been sold by the State of Ohio to Corrections Corporation of America for 72.7 million.
The sale of the prison is said to save Ohio 3 million a year by cutting operational costs by 8%. State law mandates the prison will exceed 5% savings in operational costs.
The prison will also add 304 beds to the facility.
Corrections Corporation of America is based out of Nashville Tennessee. They have operated prisons for approximately 25 years. Currently they own 44 prisons and operate another 16.
Correction Corporation will pay property tax to Conneaut Ohio.
Records concerning the sale are available by contacting the Ohio Department of Administrative Services.