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Article: RTA gets creative in search for cash ; Agency mulls sale/leaseback program.(Greater Cleveland Regional Transit Authority)(Brief Article)
- Article from:
- Crain's Cleveland Business
- Article date:
- October 15, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Greater Cleveland Regional Transit Authority is considering a financial ploy common in real estate circles to help ease strains on a budget that's under pressure due to a shortfall in county sales tax revenue.
Last week, RTA finance officials presented the transit agency's board with a tentative plan to sell an estimated $500 million of RTA's assets, including buses, rail stations, rail right-of-ways and telecommunication equipment, to private investors, who then would lease the assets back to RTA. The agency estimates it could net as much as $12 million from the investors as part of the sale/leaseback plan, a formal version of which could be presented next ...