Arizona Lawmakers Looking To Sell State Capitol Buildings For Cash

PHOENIX — For sale: historic buildings with reliable tenants.

Arizona lawmakers, desperate for cash, are considering selling the House and Senate buildings, then leasing them back over several years before assuming ownership again.

Dozens of other state buildings may also be sold off and leased back as the state grapples with a huge budget deficit.

Under the complex financial arrangement, state government services would continue without interruption while the state picks up a cash infusion estimated at $735 million.

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

The state's budget shortfall is projected at around $3.4 billion.

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Information from: The Arizona Republic, http://www.azcentral.com

Comments

[iMissMollyIvins]

02:27 AM on 07/30/2009

Sell them to the Chineese.

[JScott]

01:21 AM on 07/30/2009

While they're at it sell off the Central Arizona Project to corporate property developers and corporate ag.
.....oooops they probably already done that.

[One more Thing]

10:33 PM on 07/29/2009

The Capitol looks like a mosque. Might be attractive investment for middle eastern oil money.

[TXfemmom]

09:22 PM on 07/29/2009

Who are the crackpots who came up with this? Is Goldman Sachs handling the sale for them?

[VikingQuest]

11:16 PM on 07/29/2009

Nope but they are running the Fed and Obama fiscal policy just like they did for Bush.

[Z-Liberator]

08:55 PM on 07/29/2009

Arizonanan's had their brains fried by the sun, these politicians will sell Arizona back to Mexico and keep the money and the residents will blame illegals? Nice Job Zonies!

[From the Raft]

08:39 PM on 07/29/2009

Terrific opportunity: Sell it to Native American Indians in return for free rent. The Indian Tribe converts it to a reservation and opens the capitol as a casino when the legislature in not in session. When they are in session its a bunny ranch.

[Z-Liberator]

09:04 PM on 07/29/2009

With all those Republican hound dogs, I think you got a plan!

[JScott]

01:19 AM on 07/30/2009

Makes sense!

[ladybug7]

08:06 PM on 07/29/2009

Why don't they sell it to McCain. I hear he needs another house. He forgot where some of his are.

[JScott]

01:20 AM on 07/30/2009

Does it include state cars too, he might need more of those.

[KeysDan]

08:05 PM on 07/29/2009

Whose brother-in-law is going to buy the buildings, lease them back, and then sell them back at a big profit? Maybe they could just get a corporate sponsor, make it the "Coor's Capitol of Arizona".

[woodydv]

08:28 PM on 07/29/2009

The Mormons will probably buy it, there's a brother-in-law in there somewhere.

[Tom95134]

08:04 PM on 07/29/2009

I thought that all State Capitals were already sold... or maybe it's just the people that occupy them that have been bought and paid for.

[asmir]

07:49 PM on 07/29/2009

Why don't they ship back the 2.5 million illegals they have back to Mexico...and if they return..execute them

[woodydv]

08:35 PM on 07/29/2009

Then every restaurant, machine shop, roofing, construction, housecleaning, gardening business, hotel and resort wouldn't be able to open tomorrow. Money talks, you know?

[From the Raft]

08:41 PM on 07/29/2009

Then if the people of Arizona wanted those services they could move to Mexico.

[Z-Liberator]

08:50 PM on 07/29/2009

Why dont we get to the root of the problem and sell the republican politicians to the Mexican cartel!

[dididangerlove]

09:10 PM on 07/29/2009

Yeah, as if they aren't already owned by the Mexican cartels. When they're onboard with legalizing marijuana you'll know they've finally decided to decimate the cartels.

[dididangerlove]

07:10 PM on 07/29/2009

This state doesn't understand anything except buildings and real estate transactions, that's why we're broke. So their solution is buildings and real estate transactions...

[From the Raft]

08:19 PM on 07/29/2009

They should do a reverse mortgage.

[dididangerlove]

09:44 PM on 07/29/2009

This state is so full of retirees, I imagine half the houses that aren't in foreclosure are in reverse mortgages.

[Graywolf48]

06:59 PM on 07/29/2009

Why don't they consider selling McCain, as a rare fossil?

[VPN]

07:24 PM on 07/29/2009

Fossil yes, rare, not so much

[SammyD]

06:59 PM on 07/29/2009

hank you janet napolitano. You did a superb job of governing Arizona. Suppose you'll keep us as safe in your new job.

[queeraz]

07:39 PM on 07/29/2009

I think you should be thanking the Repuglican'ts state legislators.

[blindjester]

08:04 PM on 07/29/2009

You have no idea how much we miss her.

[VikingQuest]

06:51 PM on 07/29/2009

For God sakes, are these people really this spineless to cut spending?

I wonder how much money AZ blows on welfare and educating/HC/policing of illegals.

[cognitivereddawn]

06:40 PM on 07/29/2009

Think the money will go into education? Think again!

[queeraz]

07:40 PM on 07/29/2009

That was the first thing on the chopping block. Next election when everyone will again promise education as their first priority, don't believe ANY of them.

[From the Raft]

08:32 PM on 07/29/2009

Think Arizona should throw away more money in their corrupt education sysytem? Think again.

When one member of a family works for the university system, community college, or school district you are very likely to find other family members, if not all, working for the same institution.

Check the trips school employees take and you will find corruption just like the stealing of state funds by the Maricopa Community College system to develop a distance learning plan for China. Imagine that, a community college going to educate the whole of China! Of course this took a lot of money before it was found out they had no plan but had taken many trips to China.

The President of ASU is the highest paid university president in the country where tuition, as a state supported university, is one of the highest.

People need to be educated about education in Arizona!