Desperate state may sell Capitol buildings, others (Ariz.)

[ensho]

http://www.azcentral.com/arizonarepublic/news/articles/2009/07/29/20090729assets0729.html


Under GOP plan, government would pay to lease back most of the sites


Call it a sign of desperate times: Legislators are considering selling the House and Senate buildings where they've conducted state business for more than 50 years.

Dozens of other state properties also may be sold as the state government faces its worst financial crisis in a generation, if not ever. The plan isn't to liquidate state assets, though.

Instead, officials hope to sell the properties and then lease them back over several years before assuming ownership again. The complex financial transaction would allow government services to continue without interruption while giving the state a fast infusion of as much as $735 million, according to Capitol projections.

For investors, the arrangement means long-term lease payments from a stable source.

Once any deals are approved, money could begin flowing into state coffers in as little as 90 days.

The plan has bipartisan backing, but that doesn't make the prospect of paying rent for buildings once owned free and clear by taxpayers any easier to swallow.

-snip-

While the state is looking to sell and lease back selected properties, it also may try to contract out the operations of some prisons. The concessions provision is expected to be included within the new budget proposal, and legislative analysts believe it could generate as much as $100 million (on top of the sale/leaseback revenue) for state coffers. Private, for-profit prison operators would bid for the right to manage selected facilities, but the state would maintain ownership.

The concept concerns prison officials, who worry whether a private operator would be equipped and trained to handle the state's most hardened criminals. In a letter to Brewer last month, Corrections Director Charles Ryan wrote that a private operator would pay lower wages and provide less training.

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looks like some neo cons will be stuffing their pockets with money

[kirby]

1. The very financial shenanigans that got us here! n/t

[asjr]

3. Exactly! We have been digging the hole

deeper by the year starting in 1994 when Republicans took over Congress. I am surprised Clinton managed to have a surplus which Bush and Republicans wasted.

[The empressof all]

2. Here we go....

Next they'll be selling the roads and bridges.... Oy...

[Historic NY]

4. Don't they belong to the taxpayers? Some one should ask them...

Ny did the same crazy crap, its nothing more than bait & switch someone always loses too.

[marybourg]

5. While also requesting $650 million in new income tax cuts!! see

3rd para.:

http://www.azcentral.com/news/election/azelections/articles/2009/07/29/20090729budget0729-ON.html

[Fumesucker]

6. Can we please sell the legislators too?

I'm sure that they could be put to some useful purpose..

Soap?

Fertilizer?

I would say pet food but we have already had too many pet deaths from tainted food.

[kestrel91316]

7. Once Ahnuld closes all our state parks, I predict he will try to sell

them off to the highest bidder (RE developers).

http://www.parks.ca.gov/

PRIME real estate. Mostly along the coast. I can see the Republicans salivating now.

[Birthmark]

8. IMO

The US is in a corruption-driven collapse. We have major problems that our elected representatives don't want to solve since it will eat into their share of the profits. I'll be surprised if in 20 years America looks anything like it does now, and it's entirely possible that we completely collapse. (That is my optimistic assessment. You don't want to know my pessimistic assessment!) :)