We have an updated figure on the cost of the new Alabama State House in Montgomery, according to reporting by AL.com's Mike Cason.
The estimated construction cost is currently at $325 million. On the Alabama government spending scale, that's about a third of the cost of a new state prison but just over three times the cost of giving school employees a 2-percent raise.
So it's a chunk of change. The way it's being funded, the Retirement Systems of Alabama is building the new State House and will then lease it to the state at a rate high enough for the RSA to see an 8-percent return.
Now, keep in mind that ever since 1985 your poor ol' legislators have been toiling away in a State House that was built to house the old Highway Department back in 1963.
(Note for our New Jersey readers: Yes, we had highways back in 1963.)
There is mold, flooding and all sorts of expensive old, retro-fitted building problems.
David Bronner is the CEO of the Retirement Systems of Alabama. Of course he likes that 8-percent ROI, but a point he made in announcing the cost estimate was this: “If the Highway Department moves out of a building because it’s so bad, that should tell you something.”
And that was nearly 40 years ago.