Desperate for cash, Arizona lawmakers look at selling Capitol buildings to help balance budget

Arizona lawmakers look at selling Capitol 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.

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