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 [@timothymurphy] article 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?