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Rx for Rhody's Fiscal Woes: Sell the State House

Arizona, facing a budget crisis that may be even worse than Rhode Island's, is selling the Capitol. And a few other buildings. From USA Today:

Arizona's state buildings -- including the capitol, the governor's office, the state hospital and state prisons -- go on sale today as the financially pressed state tries to raise money to plug a $4.5 billion deficit.

The state hopes to raise $732 million, The Arizona Republic reports.

The state expects to fetch $18.5 million each for the House and the Senate buildings. The state archives building should go for $29.5 million, the huge prison in Florence, Ariz., is likely to sell for $123 million, and the executive office tower, or governor's office, is pegged at $43 million.

Under the terms of the 20-year sale-leaseback offer, investors will buy tax-exempt "certificates of participation" in the buildings in $5,000 increments and will earn an interest rate of 4 to 5 %, the Republic says.

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