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More state buildings going on sale

By The Associated Press

Published: June 2, 2010 at 7:13 am

More state buildings go up for sale next week as Arizona officials hope to raise $300 million and help close the budget deficit.

It’s the second time this year that the state has sold off buildings in a sale-leaseback plan. The first one in January raised $735.4 million and that prompted Arizona lawmakers to authorize a second sale.

The sale will be conducted June 8 and investors will be required to make purchases in $5,000 installments. Investors must work through a list of underwriters provided by the state.

The sale-leaseback comes on the heels of last week’s action in which the state borrowed $450 million against the proceeds of future state Lottery revenues.

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