4

Arizona Better Find a Realtor; Brewer Signs Bill Putting State Capitol Up for Sale

^
Keep New Times Free
I Support
  • Local
  • Community
  • Journalism
  • logo

Support the independent voice of Phoenix and help keep the future of New Times free.

Holy crap, she really did it!

On Thursday, Governor Jan Brewer signed a portion of the state budget that allows for the sale of state buildings, including both houses of the state legislature, the state fairgrounds, prisons, and several other state owned buildings.

The plan, which drew national attention after Brewer brought it up last month, is projected to bring in close to $735 million to help close the state's historic $3.4 billion budget gap.

Representative Lynne Pancrazi tells the Arizona Republic that she's worried that private companies won't be able to maintain things like prisons as well as the state could.

Oh, right, because the state government has just been the model of efficiency lately.

What's the going rate for state assets, you ask? Here's a breakdown.

-- The Senate and House buildings, $18.2 million apiece.
-- The Executive Tower, $39.5 million.
-- The Department of Public Safety building in Phoenix, $50.5 million.
-- The DPS building in Tucson, $7.3 million.
-- The Arizona State Hospital in Phoenix, $176.1 million.
-- The Coliseum and Exposition Center, $84.4 million.
-- Kartchner Caverns State Park near Benson, $10.6 million.

Several investors have already expressed interest in buying the buildings, and then leasing them back to the state.

The draw for investors, according to state officials, is that having the state as a tenant guarantees a return on the investment, and stability.

This is coming from the same people who, until yesterday, didn't know if they were going to be able to pay DPS officers.

Sounds like a pretty "stable" investment to us.

Keep Phoenix New Times Free... Since we started Phoenix New Times, it has been defined as the free, independent voice of Phoenix, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Phoenix with no paywalls.

We use cookies to collect and analyze information on site performance and usage, and to enhance and customize content and advertisements. By clicking 'X' or continuing to use the site, you agree to allow cookies to be placed. To find out more, visit our cookies policy and our privacy policy.

 

Join the New Times community and help support independent local journalism in Phoenix.

 

Join the New Times community and help support independent local journalism in Phoenix.