Gov. Arnold Schwarzenegger today will propose selling San Quentin Prison, the Los Angeles Coliseum and other state-owned properties in a bid to raise cash to counter the state's daunting budget shortfall.
He also wants to accelerate the sale of Agnews Developmental Center, the 81-acre facility on the north edge of San Jose that closed its doors in March after 120 years.
The proposal to sell off state assets is part of the governor's revised budget plan being released today. Besides the Coliseum and San Quentin, the properties he's eyeing for sale are the Cow Palace in Daly City, the Orange County Fairgrounds, Cal Expo in Sacramento, Del Mar Fairground, and the Ventura County Fair.
The sale of those properties would generate upward of $600 million and possibly more than $1 billion for the state, according to a copy of Schwarzenegger's proposal. But proceeds from those sales would not arrive for another two to five years.
Selling the Agnews property would be done within two years.
With its stunning views of the San Francisco Bay, San Quentin has long been eyed for a more lucrative use. Sen. Jeff Denham, R-Modesto, has proposed selling both San Quentin and the Coliseum to generate badly needed revenues for the state.
If voters reject a slate of ballot propositions in a special election Tuesday, as polls indicate they will, the state will face a deficit of $21.3 billion through mid-2010.