State Leases State-Owned Parking Garage...

Shhh...

No mention of how much it costs to maintain the garage? Pretty big thing to omit in their analysis. Typical anti- Jindal slant.

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The state sacrificed future parking revenue for $2-million in up-front cash.

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Selling grandma's jewelry to buy meth.

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Selling grandma's jewelry to buy meth.

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Gotta have that instant grat!

I read that yesterday, and you'd like to think people at the state were smarter than that.

first they build a parking garage for a building they are going to abandon, and then they sell the parking garage for some quick cash as a stopgap measure.

Why?????

someone who doesn't understand the time value of money?

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someone who doesn't understand the time value of money?

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This. It's either $2 million now or $15 million over 91 years. Good arguments can be made for both.

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This article was picked-up by the Baton Rouge Business Report, hardly one to publish your "typical anti-Jindal slant."

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Exactly. Rolfe McCollister is one of the heads guys froom Jindal's PAC, Believe in Louisiana.

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Except the garage for the Old State Office Building was built during a time of plenty. When the state workforce was cut from 100,000ish to 80,000ish you don't need as many buildings (which is beyond OFC's ability to plan for). And if you sell the buildings, no point to holding on to the garage. Now I am not saying leasing out the garage was a good idea; just not the horrible idea some are portraying it as. I could really go either way on the deal.

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Good point, but the state office building was occupied by state workers before there was a parking garage. Somehow the workers managed.

But it's water under the bridge now, and like you said we have far fewer state workers now than we did so we are saving all those salaries, etc.

Two million however seems awfully cheap, however. I wonder how heavily advertised this deal was.

If they are taking in 330- a year, you could get your money back (less operating costs) in six years.

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Want to address the upkeep, employee, and maintenance costs for the state to maintain a parking garage? While I agree it was stupid and typical of shitty government, do you want to argue the state effectively running a parking garage?

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I have no problem with the lease, just the bargain-basement price. They could have simply sold the thing for more than $2-million and have been done with the whole deal.