Arizona May Sell State Capitol Building To Balance Budget
Global Economic Analysis
01 Agosto 2009
Arizona, like many states is in dire financial straits. What's unique is Arizona's plan to help balance the state budget. Please consider Desperate state may sell Capitol buildings, others.
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.
"We've mortgaged the legislative halls," said an exasperated state Rep. …
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