To Lease or Sell Key State Assets requires thorough Investigation

by Michael M. Shapiro

Recently, Governor Jon Corzine proposed selling or leasing key assets of the State including the New Jersey Turnpike. The Governor believes the sale or lease of such assets will provide billions in revenue that can be used for a variety of fiscally responsible measures including paying down the State’s debt. However, given the proclivity of politicians in New Jersey to spend every penny they can, it is doubtful that the Governor’s plans for the money would be championed by members of the State Legislature. In addition, the sale or lease of State assets may have negative consequences for New Jersey residents, including but not limited to, higher fees for use of those assets, improper maintenance and delayed repairs to maximize profits, and inappropriate or incompetent management of those assets.

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