Judge rules to allow sale of 24 state buildings

A San Francisco judge issued a preliminary ruling Friday that would allow the sale of 24 state buildings, including the Ronald Reagan State building in downtown Los Angeles, to go forward.

Superior Court Judge Charlotte Woolard denied a request for a preliminary injunction to stop the sale, which is scheduled to close escrow on Wednesday. The judge’s ruling is expected to be appealed.

Gov. Arnold Schwarzenegger’s office has said the sale would provide needed revenue to help fill the state’s yawning budget deficit.

But opponents who filed a lawsuit to block the deal called it a waste of taxpayer money, noting that the state would be obligated to lease back the buildings. They said the deal would end up costing taxpayers more over the long term than it would to keep the buildings.

The judge said that the plaintiffs failed to prove their case.

The state is selling the buildings to California First LLC, a consortium of investors led by a Texas real estate firm and a private equity firm based in Irvine. The governor’s office has said the sale would provide $1.2 billion to help shrink the budget deficit and save California $2 million over 20 years.

The buildings that would be sold include the Earl Warren Building in San Francisco, home to the California Supreme Court and the 1st District Court of Appeal.

-- Maria L. La Ganga in San Francisco

Comments

[Anonymous]

How many of our taxpayer funded politicians got a commission or finder's fee for arranging the deals like the Santa Ana Mayor did?

[Donna J.Marn]

Great Decision!!Sorry,,but,,we have to stop these "American Terrorist"Attacks,Somehow!!

[trajan]

We should fight to keep these buildings under public ownership. Selling off the public property during a down time is bad. We will regret this later and this deal is being made by an outgoing Governor that is unpopular in this state. Who knows what Schwarzeneggers motives are? He is making this deal with his private business buddies and he will soon be back into private business with them. He wants to sell our property to these people for what? The billion dollars wont do anything for us in the long term. But our government having to lease major state building property from private businessmen from out of state or even foreigners is just wrong and will come back to bite us in the you know what!!

[My opinon means nothing]

Can you just see California First LLC serving evection papers on the California Supreme Court? HA!

[LilySweet]

Agree with you Trajan. 2 Billion means nothing in the long run and what happens next year or the year after when there is nothing left to sell? Cut the spending........

[cm]

Lets vote that if government can live within their means while in office, they take their bills with them when the leave said office.
The buck stops here. They know what they have to work with.
Cut wellfare all together. Stop letting illegals get out money. I'm out of work and I can't qualify to get it. What is wrong with this picture????

[save the deserts!]

in related news, schwarzennegger starts burning the furniture for heat.

idiot.