Arnold Wants to Sell Gov Buildings
Posted in Main Blog (All Posts) on April 28th, 2010 4:52 am by HL
Arnold Wants to Sell Gov Buildings
Gov. Arnold Schwarzenegger’s plan to sell two dozen state office buildings would cost California taxpayers billions of dollars in rent in the years ahead, far more than the state stands to make from the sale, according to financial documents analyzed by The Associated Press. If all buildings sell at the asking price, administration officials projected the state would net about $660 million after roughly $1.1 billion in construction bonds are paid off. The state would then rent space in the buildings from the new owners for 20 years. Over that period, it would pay $5.2 billion in rent, according to documents prepared for potential buyers.
