Posted by
daddontsk8 on Wednesday, July 29, 2009 12:39:50 PM
The State of Arizona is out of money. They are so out of money, they don't have any more financial gimmicks to use to close the state's budget deficit. So, according to
The Arizona Republic, the state legislature wants to sell some of the state's properties. The plan includes selling the buildings, but then leasing them back.
"In total, the list comprises 32 properties that, if built from the ground up,
come with a combined replacement value in excess of $1 billion.
The properties were chosen based on attractiveness to investors, buildings the state
would be unlikely to walk away from, such as prisons or other facilities that
provide essential government services"
The government would then use the proceeds for the sale to fund general operations. This is not unlike a family taking a mortgage on their home to buy groceries.
But...I think Arizona might just be on the right track.
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