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12465Re: [wccusdtalk] Editorial: Sale of state buildings is a bad deal for California

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  • Charles Rachlis
    Nov 30, 2010
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      I suggest a math project where the youth run the numbers on this deal. Then a
      study of insider dealing for social studies where they will find that the deal
      has fallen into the hands of Pete Wilson insiders who stand to make millions off
      the tax payers if this goes through.



      ________________________________
      From: c slamon <cslamon@...>
      To: wccusdtalk <wccusdtalk@yahoogroups.com>
      Sent: Tue, November 30, 2010 4:48:00 PM
      Subject: [wccusdtalk] Editorial: Sale of state buildings is a bad deal for
      California


      Todd,
      no wonder our kids can't think critically, look at some of their role
      models. This budget mess is going to continue to affect our children's
      education and I hope our leaders (both elected and non-elected) are ready
      for it. We've got some tough decisions to make.

      Editorial: Sale of state buildings is a bad deal for California
      MediaNews editorial
      Posted: 11/30/2010 12:01:00 AM PST

      GOV. ARNOLD Schwarzenegger came into office promising to cut up the state's
      credit card. Instead, he has proven that he can't be trusted to handle
      money. So, it's fitting that, as he prepares to leave office, he plans to
      sell off valuable state buildings to pay immediate bills.

      Unless a last-ditch legal effort to block the deal succeeds, the governor
      will unload 24 state buildings, including the Elihu Harris Building in
      Oakland; the Earl Warren Building in San Francisco, which houses the state
      Supreme Court; and the adjacent Hiram Johnson Building. All three were built
      or renovated just a little more than a decade ago.

      It's a horrible transaction under which the state would receive money up
      front from the sale of the buildings, but would then have to lease back the
      properties so it has a place to put its workers. Over 35 years, the net cost
      to the state, in today's dollars, would be about $1.4 billion, according to
      the non-partisan state Legislative Analyst's Office.

      Put another way, it's like taking out a mortgage at a 10 percent annual
      interest rate to pay your current bills. But, at the end of it all, once the
      loan is paid off, you still lose the property. The state will be left with
      nothing, with no place for its employees when the deal expires. It will have
      lost the buildings themselves and the prime real estate on which they sit.

      It's a shameful legacy. Our children and grandchildren will remember
      Schwarzenegger as the state leader who came into office, immediately plunged
      the state billions of dollars deeper into debt by rolling back the car tax,
      and then spent the next seven years developing budgeting schemes to paper
      over the damage.

      He will leave office with the state broke -- in far worse shape than when he
      came in. And, in one of his final acts, he plans to sell off buildings that
      will surely be needed in years to come.

      He will be remembered as the governor who sold off the state's assets and
      strapped future generations with increased costs.

      It's the height of irresponsibility. We can only hope that Schwarzenegger
      suddenly develops some common sense, or the legal challenge to the deal
      succeeds.

      The lawsuit claims the state needs the approval of the state Judicial
      Council before it sells off buildings that house the courts.

      Superior Court Judge Charlotte Woolard will hear the case Dec. 10 in her San
      Francisco courtroom. Unless she intervenes, the properties will be lost on
      Dec. 15. Schwarzenegger leaves office on Jan. 3 to return to his life of
      wealth. The rest of us will be stuck paying the bills.

      It's a lousy script. A real action hero would do better.

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