Transforming Allen County with a New Jail Facility
Planning and Coordination
After several years of meticulous planning and seamless coordination between the Allen County Sheriff’s Department and the Allen County Council, the moment of closing these revenue bonds has finally arrived. Commissioner Nelson Peters emphasized the importance of this step, stating, "It took us a while to get here, and there's still more work ahead. Although this project may not be glamorous, it is undeniably necessary." The dedication and efforts put into this endeavor have laid the foundation for a much-needed upgrade to the county's jail system.During the planning phase, every detail was carefully considered to ensure the success of the new jail project. The collaboration between different departments and stakeholders was crucial in shaping the vision and design of the facility.
By working together, they were able to address the various challenges and requirements associated with building a modern and efficient jail that meets the needs of the community.
Public Bond Sale and Winning Bid
The Allen County Board of Commissioners chose to go the public, competitive bond sale route, which attracted five bids from Wall Street investment banks. Jefferies LLC emerged as the winning bidder, submitting a true interest rate offer of 3.845%. This rate is more than 0.25% lower than the final estimate provided by the county's financial advisors, demonstrating the competitiveness of the market and the confidence of investors in Allen County.The public bond sale process allowed for a transparent and fair evaluation of bids, ensuring that the county secured the best possible terms for the bond issuance. It also showcased Allen County as a reliable and attractive investment destination.
Commissioner Therese Brown highlighted the significance of the low interest rate, saying, "We are extremely pleased to receive such a favorable rate through the competitive sale process. It reflects well on our community and our county as a government unit. Our legal and financial teams have worked tirelessly to make this possible, and we are grateful for their efforts."
Credit Rating and Investor Confidence
Before the bonds were issued, they were rated by a national ratings agency to assess the creditworthiness of the Allen County Indiana Building Corporation. Moody’s Ratings assigned a rating of Aa2 to the bonds, one of their highest tiers, indicating their high quality and low credit risk.Moody’s evaluation highlighted the growing population and the county's role as a regional economic center for northeast Indiana as key factors in the favorable rating. This recognition by a renowned ratings agency instills confidence in investors and reassures them of the financial stability of the project.
The credit rating also serves as a testament to the county's commitment to responsible financial management and its ability to meet its debt obligations.
Addressing Jail Overcrowding
The Allen County Jail project was triggered by a lawsuit filed in federal court regarding jail overcrowding issues. Commissioner Rich Beck explained, "This project was already on our radar before the lawsuit, but the court order expedited our timeline. Our community has a clear need for a new jail facility that is safe for inmates and confinement officers while also being operationally efficient."The new jail, currently under construction at 3003 Meyer Road in Fort Wayne, is set to address these concerns. Earthwork began on October 7, and in November, work on the concrete foundation commenced. By March 2025, the project will start moving upward with the installation of steel and prefabricated concrete walls, marking significant progress in the construction phase.
Completion is estimated to be by December 2027, bringing an end to the long wait for a state-of-the-art jail facility that will serve the community for years to come.