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Arizona may sell legislative buildings

Associated Press / July 30, 2009

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PHOENIX - Desperate for cash, Arizona state lawmakers are considering selling the House and Senate buildings, then leasing them for several years before assuming ownership again.

Dozens of other state buildings could also be sold off and leased back as the state grapples with a huge budget deficit.

Government services would continue without interruption while the state picks up a cash infusion estimated by Capitol number-crunchers at $735 million. For investors, the deal would mean long-term lease payments from a stable source.

Arizona faces a projected $3.4 billion shortfall on a budget with spending of $10.7 billion.