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State Building Sale Moves Forward



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(Sacramento, CA)
Monday, November 15, 2010

The plan to sell the eleven buildings - then lease them back - was part of a 2009 budget deal.  A buyer has already been chosen, and after the sale's complete - likely next month- the state should net about one-point-two billion dollars. The buildings include The Ronald Reagan State Building in Los Angeles and the Attorney General Building in Sacramento.  Eric Lamareaux is with the Department of General Services, which is overseeing the sale:

"This is definitely a good deal for taxpayers; the ability to generate revenue now and avoid further program cuts or tax increases."

However, the state's non-partisan legislative analyst says that over the next three-and-a-half decades, the move will cost the state six billion dollars more than if it hung on to the buildings.  Mark Whitaker is with the Legislative Analyst's Office.

"We would certainly recommend long-term, lasting solutions rather than these kind of one-term solutions that just create further problems in later years."

The past few budget deals have involved a number of short-term solutions and with a projected deficit of more than 25 billion dollars it's unlikely we've seen the last of them.

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