Prison real estate investment trust CoreCivic Inc., which has managed a jail in Indiana's Marion County for about two decades, is set to lose its contract with Indianapolis, as the city readies for a $610 million bond sale to help fund the development of a new jail and criminal justice complex, Bloomberg News reported.

The new complex, which will include a 3,000-bed jail, will be developed on the site of an old coking factory.

JPMorgan Chase & Co., which recently said it would stop extending new financing to the private prison industry, will assist in underwriting the planned bond sale, according to the report.