Why doesn the City sell surplus assets like Metro Hall to make up for the budget shortfall?
Since 1998, the City has generated more than $138 million through the selling of more than 220 surplus properties. The City has reduced office space by over 160,000 square feet. Selling property that houses staff providing services to make up shortfalls in an operating budget does not solve any problems, in fact it creates them. If the City was to sell Metro Hall the City would require space for the more than 2,300 staff that now work in Metro Hall to continue providing services. The City would have to pay for this space either through leasing new space or purchasing another office building. The City requires an on-going sustainable source of funding upon which it can rely to deliver services. One-time sources of funding will not solve long term financial challenges. The City actively reviews its portfolio of properties and will continue to seek the sale of any property that Council deems is surplus. As of November 26, 2002, the City owned approximately 5,023 properties. As of November
