Schwarzenegger May Sell California Landmarks (Los Angeles, San Francisco: 2009, leasing, credit rating)

[happ]

According to this article in today's LA Times, the governor is considering the sell of major properties in California including the LA Coliseum\ Del Mar Race Track\ Orange Co fairgrounds, etc. This will generate state revenue during this difficult fiscal period. My concern is that selling these expensive properties may mean losing these landmarks to private corporations that will close and tear them down for other purposes.

Anyone else have concerns about this?

Gov. proposes selling L.A. Coliseum, other properties to raise cash - Los Angeles Times

[bipolarpunk]

Sounds like more scare tactics orchestrated by the Governor and the fear mongering Legislature to try to get their Tax and spending propositions passed on Tuesday..

The past few days, I have been absolutely disgusted by the manipulation that the Governor, the Legislature and other State Employees unions have been using to push the propositions.. "Cutting Police Departments in Dangerous Cities, Cutting fire departments during fire season, cutting Emergency services", hmm.. but nothing about cutting the members of the Legislature's pay?

[Lovehound]

We should rent out the California Golden Bear for kids parties and stuff like that.

There's only 5 days more before the election and I'm wondering how Schwarzenegger is going to pimp himself out next.

[4beanie]

Originally Posted by happ

According to this article in today's LA Times, the governor is considering the sell of major properties in California including the LA Coliseum\ Del Mar Race Track\ Orange Co fairgrounds, etc. This will generate state revenue during this difficult fiscal period. My concern is that selling these expensive properties may mean losing these landmarks to private corporations that will close and tear them down for other purposes.

Anyone else have concerns about this?

Gov. proposes selling L.A. Coliseum, other properties to raise cash - Los Angeles Times

I could be wrong but isn't this the kind of thing we talk about is that no one wants to give up anything, but we don't want more taxes. If I screw up my finances real bad I might have to sell one of my cars or maybe even a family heirlom to keep myself from going under. If we keep everything and every program that someone wants we will continue on this path we are on. I guess we could hope that if they are in private hands they will be run better than the state runs things. Then those that use those properties will be the ones who pay for them not the taxpayers. IMO

[Lovehound]

Schwarzenegger's proposal would also raise up to $660 million by selling 11 large state office buildings and leasing them back. It is the kind of mechanism used by commercial property owners to free up cash, the governor's plan says; in some deals, the original owner would receive the site back after a period of time, perhaps 25 years.

The Ronald Reagan building in downtown Los Angeles is on a list of such sites in the proposal, along with others that house the state attorney general's office, the Franchise Tax Board and the California Emergency Management Agency in Sacramento, and the Public Utilities Commission in San Francisco.

Los Angeles Times, May 14, 2009

This is simply another way of spending more money without the voters' approval. He sells the office buildings (probably a sweetheart deal) and then leases them back. That's exactly the same as borrowing money, but our poor state has done so badly at managing its finances that Standard & Poor's, Moody's Investors Service and Fitch Ratings have all dropped California's credit grade to 50th of all US states. That's right, our state's credit rating is the worst of any state in the nation! That is why our state is having difficulty borrowing money, and why they thought up this stupid scheme.

The three things this state does best is spend, borrow and tax. Our legislators and governor manage our state's financial affairs so badly that they want to sell state buildings and lease them back so that they can pay bloated state employee salaries and pensions, and finance give away programs that benefit mostly those who don't pay taxes. (How many people on welfare pay taxes?)

Selling and lease back of state buildings is just the most recent in a long string of stupid ideas from our state government.

[happ]

If selling the LA coliseum means bringing the NFL back to town then I am all for it

[Lovehound]

I forgot to add, this stupid scheme is like selling the family car so that you can buy more drugs.

I don't care about the Coliseum. You don't need sports teams to have a functional state government. Sports are a luxury.

[happ]

Originally Posted by Lovehound

I forgot to add, this stupid scheme is like selling the family car so that you can buy more drugs.

I don't care about the Coliseum. You don't need sports teams to have a functional state government. Sports are a luxury.

That's blasphemy to sport's nuts! But frankly most sports venues are privately owned anyway except the university stadiums.

[Lovehound]

Sports venues and sports teams should be privately owned. Government owned sports venues makes as much sense as government owned casinos. (Wow, I just came up with a good idea for Schwarzenegger!)

I'm sorry to say that I was born without the sports gene. I'd rather watch houseflies mate.

[4beanie]

Originally Posted by Lovehound

I forgot to add, this stupid scheme is like selling the family car so that you can buy more drugs.

I don't care about the Coliseum. You don't need sports teams to have a functional state government. Sports are a luxury.

When we get down to just the necessities that's when the money problem might get better. Now it's who gets to decided what a necessity is