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Posted: 1/14/2010 10:54:07 AM EDT
Link

State sells 20 properties for $735 million
by Frank Camacho

Posted on January 14, 2010 at 11:55 AM

******

PHOENIX –– The state sold more than 20 properties Thursday, including prisons, the state Capitol and both legislative chambers, for $735.4 million at a targeted interest rate at just over 4 percent.

That means the state should be able to make it through fiscal year 2010.

Ironically, the money has already been spent.

It is a sale-leaseback deal. The state will continue to lease the buildings and in 20 years should be able to buy all the property back.

Link Posted: 1/14/2010 10:55:48 AM EDT
[#1]
So who bought all that, I wonder?  Investment group?  Foreign nationals?
Link Posted: 1/14/2010 10:56:24 AM EDT
[#2]
OK. I've thought about this for a few minutes and still cannot come up with any outcome to this other than FAIL.

Am I off track here?

ETA: They owned the properties outright, then sold them and now have a mortgage on them. This is supposed to be better?
Link Posted: 1/14/2010 10:57:07 AM EDT
[#3]
lame
Link Posted: 1/14/2010 10:57:47 AM EDT
[#4]
are they using this now?




Link Posted: 1/14/2010 10:57:59 AM EDT
[#5]
Quoted:
OK. I've thought about this for a few minutes and still cannot come up with any outcome to this other than FAIL.

Am I off track here?


This is what I'm thinking.

"WooHoo!! Not our problem anymore. Let the next guys deal with it!"
Link Posted: 1/14/2010 10:59:24 AM EDT
[#6]
Quoted:
Quoted:
OK. I've thought about this for a few minutes and still cannot come up with any outcome to this other than FAIL.

Am I off track here?

This is what I'm thinking.

"WooHoo!! Not our problem anymore. Let the next guys deal with it!"

You missed the best part: Now they are making lease payments on the properties in order to still use them.
Link Posted: 1/14/2010 10:59:31 AM EDT
[#7]
Sweet. My state's playing the credit card shell game.

I thought the cream was supposed to rise to the top? Doesn't seem to work that way in government.
Link Posted: 1/14/2010 10:59:47 AM EDT
[#8]
I bet sold to foreign investors.

The state loses.

The taxpayers lose.

etc.

Don't cut the fucking budget and bullshit programs - sell your capital to Australia and then lease the motherfucker back.
Link Posted: 1/14/2010 11:00:54 AM EDT
[#9]
Quoted:
Link

State sells 20 properties for $735 million
by Frank Camacho

Posted on January 14, 2010 at 11:55 AM

******

PHOENIX –– The state sold more than 20 properties Thursday, including prisons, the state Capitol and both legislative chambers, for $735.4 million at a targeted interest rate at just over 4 percent.

That means the state should be able to make it through fiscal year 2010.

Ironically, the money has already been spent.

It is a sale-leaseback deal. The state will continue to lease the buildings and in 20 years should be able to buy all the property back.



did they actually sign a 20 year lease???...if not I would love to see the buyer not renew their lease next year....or raise their rent.
Link Posted: 1/14/2010 11:02:11 AM EDT
[#10]
Quoted:
I bet sold to foreign investors.

The state loses.

The taxpayers lose.

etc.

Don't cut the fucking budget and bullshit programs - sell your capital to Australia and then lease the motherfucker back.


Oh, they will threaten to cut stuff... you know, the prisons, the firefighters, the police. You don't want that do you? Now pay more taxes.
Link Posted: 1/14/2010 11:02:25 AM EDT
[#11]
Let's see where have I heard this before?



Mortgaged property by people who can't afford it because they don't live within their means? Hmmmm....
Link Posted: 1/14/2010 11:04:23 AM EDT
[#12]
and both legislative chambers, ...................


Get a lien on those babies. Late on the rent, padlock 'em. I like.
Link Posted: 1/14/2010 11:09:01 AM EDT
[#13]



Quoted:



Quoted:


Quoted:

OK. I've thought about this for a few minutes and still cannot come up with any outcome to this other than FAIL.



Am I off track here?


This is what I'm thinking.



"WooHoo!! Not our problem anymore. Let the next guys deal with it!"


You missed the best part: Now they are making lease payments on the properties in order to still use them.




Just wait till they run out of "their" properties and start doing it with "ours".



Not like the taxpayers didn't pay for the buildings they just sold...

And not like the taxpayers aren't leasing those same buildings...

Also the taxpayers who after 20 years of paying rent, who will buy them yet again!





Holy fuck boys.






 
Link Posted: 1/14/2010 11:14:47 AM EDT
[#14]
So, now McCain owns all of the buildings, and he is now leasing them back to the state?

Smart Corrupt man, that POS.
Link Posted: 1/14/2010 11:35:16 AM EDT
[#15]
Quoted:
Sweet. My state's playing the credit card shell game.

I thought the cream was supposed to rise to the top? Doesn't seem to work that way in government.


Government works more like a septic system.....................the big chunks rise to the top.
Link Posted: 1/14/2010 11:47:55 AM EDT
[#16]



Quoted:


OK. I've thought about this for a few minutes and still cannot come up with any outcome to this other than FAIL.



Am I off track here?



ETA: They owned the properties outright, then sold them and now have a mortgage on them. This is supposed to be better?


I guess it is like a loan, with collateral.

I assume they can't sell bonds due to poor economic rating or legal reasons?



 
Link Posted: 1/14/2010 11:49:34 AM EDT
[#17]
Quoted:
OK. I've thought about this for a few minutes and still cannot come up with any outcome to this other than FAIL.

Am I off track here?

ETA: They owned the properties outright, then sold them and now have a mortgage on them. This is supposed to be better?


Better IMHO.

Let private companies hire workers to maintain, manage, etc rather than having a bloated state .gov hire overpaid workers to do worse work.
Link Posted: 1/14/2010 11:50:34 AM EDT
[#18]
They sold taxpayer owned property without the REAL owners having a say in the matter. Remember that at the voting booth.
Link Posted: 1/14/2010 11:53:13 AM EDT
[#19]
What the holy fuck? Seriously?
Link Posted: 1/14/2010 12:06:29 PM EDT
[#20]
The new owner will have to pay state property taxes.
Link Posted: 1/14/2010 12:09:33 PM EDT
[#21]
This ranks second on the list of prominently looney shit Arizona has done.















#1 was electing McCain.

_MaH
Link Posted: 1/14/2010 12:14:12 PM EDT
[#22]
They had been talking about this since Sept last year..

What a clusterfuck.
Link Posted: 1/14/2010 12:16:40 PM EDT
[#23]
Wow, I though most here were anti big government.

Why in the world do we want the .gov in the business of property ownership, management, and maintenance?  Just think of all the .gov jobs and employees that are overpaid to do things that the private sector should be doing.
Link Posted: 1/14/2010 12:17:01 PM EDT
[#24]
A lot of companies do this (I think Wal-Mart & a few other large retailers), but I think more for tax/accounting reasons.



Development of state parks is next.
Link Posted: 1/14/2010 12:17:13 PM EDT
[#25]
The Libs here are always blaming everything on the Republican's in the State Legislature, But all the City's are run by Flaming tax and spend Liberal's.  Especially in Tucson.
Link Posted: 1/14/2010 12:18:55 PM EDT
[#26]
A couple of years from now they could just Eminent domain them??
Link Posted: 1/14/2010 12:20:53 PM EDT
[#27]
Quoted:
A couple of years from now they could just Eminent domain them??


Yep.  "We're seizing possession of this land and compensating you for the full value of what our appraiser has determined it to be.  Here's your dollar."

_MaH
Link Posted: 1/14/2010 12:21:44 PM EDT
[#28]
Link Posted: 1/14/2010 12:22:33 PM EDT
[#29]
Quoted:
This ranks second on the list of prominently looney shit Arizona has done.















#1 was electing McCain.

_MaH


Repeatedly
Link Posted: 1/14/2010 12:24:12 PM EDT
[#30]
Quoted:
Let's see where have I heard this before?

Mortgaged property by people who can't afford it because they don't live within their means? Hmmmm....




I am at a loss...help me out?

Chris



Link Posted: 1/14/2010 12:36:52 PM EDT
[#32]

so when does the federal gov't start selling off property to the highest bidder?

"For Sale: The National Mounument - great property, opportunity to collect tourist fees, central location in Washington"



Link Posted: 1/14/2010 2:27:35 PM EDT
[#33]
Quoted:
They had been talking about this since Sept last year..

What a clusterfuck.


No shit? Guess I haven't been paying that much attention to it. So they only sold state owned buildings?

jASON
Link Posted: 1/14/2010 2:30:26 PM EDT
[#34]
Yay us.
Link Posted: 1/14/2010 2:30:54 PM EDT
[#35]
Quoted:
Quoted:
A couple of years from now they could just Eminent domain them??


Yep.  "We're seizing possession of this land and compensating you for the full value of what our appraiser has determined it to be.  Here's your dollar."

_MaH


That would be brilliant!
Link Posted: 1/14/2010 3:09:09 PM EDT
[#36]
They're just pissed because they can't raise taxes.  This is them saying "Fine then, we'll just find another way to fuck you up the ass".
Link Posted: 1/14/2010 5:42:19 PM EDT
[#37]
I think this is totally insane....The only possible thing they could hope to be saving is the building/grounds maintenance and I dont believe they are not smart enough to have the new owners be held responsible for that in the lease.

Link Posted: 1/15/2010 1:53:31 PM EDT
[#38]
Quoted:
So who bought all that, I wonder?  Investment group?  Foreign nationals?


George Soros, buying America one state capitol at a time.

Funny thing is that Napolitano, who wrecked Arizona's fiscal health, is now in charge of defending us from terrorists!
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