ED (evildevil) wrote in ontd_political,

Arizona Goes Bankrupt, Will Sell State Capitol to Highest Buyer. Still Wont Take Stimulus Money.

Arizona Lawmakers Looking To Sell State Capitol Buildings For Cash

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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