✖ Construction Reporter

Show Password Forgot Password?

Not a Member? Start a free-trial today!
Construction Reporter
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy

arizona state buildings to be once again owned by the state of arizona

1/22/2019

0 Comments

 
Picture
The State of Arizona is moving in the direction of repurchasing the buildings that house its legislature and executive tower.

In a surprise announcement as part of his State of the State address, Governor Doug Ducey announced that a move is underway to purchase the structures that nearly a decade ago were sold to a private investor.

The sale, during the depths of the Great Recession in 2010, was spearheaded by then-Governor Jan Brewer and designed to bring in crucially needed revenue during a time when the state was looking at a $3.2 billion budget shortfall.

Once that transaction was completed, Arizona leased the buildings with the hope of eventually repurchasing the structures when its financial house was back in order. 

That transaction garnered national attention and a spot on Comedy Central’s Daily Show making fun of the arrangement.

Now, said Ducey, speaking in the House of Representatives chamber in the State Capitol, “Somebody call the Daily Show—we even own this building again.”

Arizona is able to make the repurchase move because its total debt has fallen below the $800 million mark, prompting lenders to say they no longer need the structures as collateral.

The state is also buying back the building that houses the Arizona Supreme Court, as well as the state fairgrounds property in Phoenix.
The deal, which is expected to save the state up to $109 million in debt payments over the course of the next decade, won’t be finalized until the beginning of the Fiscal Year 2020 budget this summer.

The move comes in the wake of a report issued by the Arizona Department of Administration detailing more than $400 million in government building upgrade needs.

That report, FY 2020 Arizona Department of Administration Building System Capital Improvement Plan, notes that many of the state government’s major building components have “exceeded their useful lives or succumbed to the effects of deferred maintenance.”

The report continues: “There are widespread deficiencies in fire and life safety systems, roofs, HVAC, electrical, plumbing, control systems, parking lots, and interior finishes.”
​
The report adds that such deficiencies are due to “a chronic lack of funding for basic routine and capital maintenance.”

​By Garry Boulard

0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    Get stories like these right to your inbox.
    ​Sign up for our newsletter

    Subscribe

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017

    Categories

    All

AFFILIATES

Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
Picture
HOME
PLANS & PRICING
FREE TRIAL
MAGAZINE​
BECOME A MEMBER
PRINTING SERVICES
FAQS
CONTACT
​ABOUT

TIMELY, RELIABLE NEWS SINCE 1949 ​Construction Reporter
​
4901 Mcleod Rd NE STE 200A
Albuquerque NM 87109


​Phone: (505)-243-9793
Toll Free: (877)-292-5793
​Fax: (505)-242-4758

Copyright © 2022 Construction Reporter
User Agreement   Privacy Policy   Archive Policy
  • Home
  • Services
    • Planroom
    • Printing
    • Project Upload
    • Architects & Owners
    • General Contractors
    • Subcontractors
  • Free Trial
  • Become a Member
  • Magazine
  • News
  • Contact Us
  • About
    • About
    • FAQs
    • Privacy Policy