(Reuters) - California governor Arnold Schwarzenegger is planning the sale of some state properties including the Los Angeles Memorial Coliseum, San Quentin State Prison and the Orange County Fairgrounds to raise cash, the Los Angeles Times said, citing a copy of a proposal.
The sale would raise $600 million to $1 billion, and is likely to be included in the governor’s revised budget plan on Thursday, the paper said.
“California’s current fiscal crisis has prompted new ways of thinking about how the state can unlock some of this value,” the paper quoted the proposal.
Schwarzenegger will hold a press conference later on Thursday to unveil two revised budget proposals for the 2009-10 fiscal year, and he will be joined by Department of Finance Director Mike Genest.
The California governor’s office did not immediately respond to a Reuters email sent outside normal business hours.
Reporting by Anurag Kotoky in Bangalore