Thread: State of Arizona Needs Money. Would you like to buy stadium

Monday, January 11th, 2010 at 8:09 am

State of Arizona Needs Money. Would you like to buy a stadium? Or a piece of one?

The state of Arizona is desperate for money, and has started to sell everything that’s not nailed down. Strike that- I imagine these properties are securely attached to the ground: http://www.azcentral.com/business/reale ... e0107.html

Arizona’s state buildings will go on the market next week, as state officials look to raise $735 million to boost the state’s depleted coffers.

The offer, which includes Veterans Memorial Coliseum on the state fairgrounds, the headquarters of the Department of Public Safety and legislative buildings, will go on the market Tuesday and Wednesday, said Alan Ecker, spokesman for the Department of Administration.

Investors can buy certificates of participation in the buildings in $5,000 increments by working through the state’s underwriters, Morgan Stanley and Citi. Ecker said the certificates, which are tax-exempt, will likely carry an interest rate of 4 percent to 5 percent.

There’s a certain irony in this. The state that went bust over the housing bubble is trying to solve its problems by selling real estate.

http://housingdoom.com/2010/01/11/state ... ce-of-one/

Arizona state buildings sale next week

6 comments
by Mary Jo Pitzl - Jan. 7, 2010 12:00 AM
The Arizona Republic

Arizona's state buildings will go on the market next week, as state officials look to raise $735 million to boost the state's depleted coffers.

The offer, which includes Veterans Memorial Coliseum on the state fairgrounds, the headquarters of the Department of Public Safety and legislative buildings, will go on the market Tuesday and Wednesday, said Alan Ecker, spokesman for the Department of Administration.

Investors can buy certificates of participation in the buildings in $5,000 increments by working through the state's underwriters, Morgan Stanley and Citi. Ecker said the certificates, which are tax-exempt, will likely carry an interest rate of 4 percent to 5 percent.

State officials say they're confident they can sell certificates for all of the buildings involved, based on the queries they received since the sale-leaseback was announced.

However, Ecker said there's no push to complete the entire sale-leaseback next week. If market conditions look favorable down the road, some of the sale may be delayed, he said.

For a full list of buildings for sale, go to politics.azcentral.com

http://politics.azcentral.com/

http://www.azcentral.com/business/reale ... e0107.html

Good luck with that AZ. Didn't a stadium sell for 500k in another state recently?