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Brewer says repurchasing buildings saves millions

Gov. Jan Brewer (Photo by Ryan Cook/RJ Cook Photography)

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.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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