FanShot

Other Cities Selling Assets

35

In the name of full disclosure I must say that i am Machavellian about the arena, where the ends will justify the means(no matter how egregious they seem now) but I like to hear the opposing side of arguments, consider them, and then roundly dismiss them as base or unfounded...here are some arguments (or at least parallels that dont bode well for selling our parking) that were harder to dismiss. Hopefully it makes you think, and hopefully it strengthens your resolve to do what must be done to get this arena even though the deal we are likely to get (for the parking) will not be worth the amount of money the city would earn if they kept it. "The most popular deals in the works are metered municipal street and garage parking spaces. One of the first was in Chicago where the city received $1.16 billion in 2008 to allow a consortium led by Morgan Stanley to run more than 36,000 metered parking spaces for 75 years. The city continues to set the rules and rates for the meters and collects parking fines. But the investors keep the revenues, which this year will more than triple the $20 million the city was collecting, according to credit rating firms..."The investors will make their money back in 20 years and we are stuck for 50 more years making zero dollars," says Scott Waguespack, an alderman who voted against the lease. A spokeswoman for Morgan Stanley declined to comment." and "Among assets on the block all over the country are state and city office buildings. Arizona received national attention in late 2009—including a skit on the "Daily Show"—when it announced plans to raise more than $1 billion turning over control of public buildings and leasing them back. Much of the money is being used to plug the state's budget hole. Such "one-time budget maneuvers" were cited in a Moody's Investor Services report recently to downgrade Arizona a notch. "We view these asset sales as 1-shots…that create structural budget imbalances in future years, but that may be necessary actions to bridge the time gap until revenue stabilization or growth returns," says Robert Kurtter, a managing director at Moody's" Also mentioned were the sales of water, airports, zoos, farmers' markets, fairs, and more parking assets.

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