Arizona to reclaim ownership of Capitol buildings
Arizona once again owns its state Capitol buildings, Gov Doug Ducey said Monday.
The Governor’s Office and the Department of Administration is finalizing a deal to reclaim ownership of approximately nine properties, including the House and Senate buildings and the state’s Supreme Court, state leaders sold off during a state fiscal crisis prompted by the Great Recession.
Nearly a decade after Gov. Jan Brewer approved plans for a $1 billion “sale-lease-back” deal involving 27 state-owned buildings, Arizona is eligible to refinance the debt the state took on to buy back those buildings by 2030.
In doing so, the state is able continue paying off the debt at a lower interest rate and reduce the number of state facilities put up as collateral.
Read more: https://azcapitoltimes.com/news/2019/01/14/arizona-reclaims-ownership-of-capitol-buildings/
