What’s Wrong With Debt? Ask Glendale

The Republic reports today that the City of Glendale, Arizona–facing massive debt and debt service–is seriously considering borrowing against the value of their City Hall complex.

Reporter Paul Giblin [@PaulGiblinAirz] references the similar recent sale of the Arizona State Capitol buildings, that apparently the State is considering buying back according to an Tim Murphy [@timothymurphyarticle in Mother Jones.

Giblin cites Glendale CFO Diane Goke as say that she, “…could not readily cite another Arizona city that had used its city hall to secure a loan.”

Given Scottsdale’s unenviable position as the per-capita debt leader in Arizona, I wonder if we are far behind?

Is it any wonder that all the finalists save one for the Glendale city manager job have quit?

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