Brewer says repurchasing buildings saves millions
Published: January 12, 2012 at 3:51 pm
Gov. Jan Brewer’s office says the state can avoid paying millions of dollars of interest costs through early repurchases of three high-profile state buildings sold to help close budget shortfalls.
Brewer is proposing buying back the Executive Tower and the House and Senate buildings for $106 million to reduce the state’s debt and to show that its finances are improving.
The three buildings were sold for $81 million in 2010. In all, the state sold 22 properties through lease-purchase deals to raise $1 billion.
The proposed $106 million repurchase price for the three Capitol Complex buildings includes interest owed through 2019. That’s the earliest when the lease-purchase debt can be paid off.
Brewer’s office say that would still save $47.5 million of additional interest otherwise owed.
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