Pennsylvania Governor Tom Wolf announced his decision to implement additional measures to manage the state budget.
On Monday, Gov. Wolf said he will monetize a major state asset to ensure payments to schools, health service providers, and other government agencies.
According to the governor, the state will start accepting proposals to execute a lease-leaseback agreement for the Pennsylvania Farm Show Complex & Expo Center.
Under this arrangement, Pennsylvania will retain control of the property while using its value. It will also allow the state to provide funding for school districts and other government entities.
Pennsylvania plans to lease the property to a private entity for 29 years for approximately $200 million. That is the fair market value of the property. At the same time, the private entity will lease back the property to the commonwealth for the same term with annual rental payment based on a negotiated interest.
Multiple agencies including the Department of Agriculture will take part in the review process for proposals.
