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Idaho Land Board approve plans for Auction

Idaho Land Board approve plans for Auction

Land Board clears path for sale of more leased lake lots for auction before end of 2019

(Boise) – The State Board of Land Commissioners (Land Board) approved a plan today that enables remaining lessees of residential cottage sites at Priest Lake and Payette Lake to participate in auctions of the lots they lease before the end of 2019.  The Idaho Constitution requires an auction for the sale of endowment lands, with a minimum bid of appraised value.

The Land Board’s vote today provides certainty that remaining lessees have the opportunity to participate in a voluntary auction for ownership of the lot they lease by the end of 2019, if they choose.  There are 253 remaining cottage site lots at Priest Lake and 84 remaining cottage site lots at Payette Lake.  The lands are owned by the State of Idaho but the cabins and other improvements on the land are owned by individuals as personal property.  The families lease the lands from the state.  In 2014, the Land Board approved a three-year plan for the auction of 180 leased lots between the two lakes.  There were more than 180 lessees interested in participating in the auctions, so those not in the three-year plan now will have the chance to bid, by 2019, on the lot they lease.  All endowment lands are appraised for their market value right before an auction, and the lands cannot be sold for less than the appraised value.

For a list of remaining Priest Lake lots and their four-year auction positions, click here.
For a list of remaining Payette Lake lots and their four-year auction positions, click here.
Some lessees have expressed interest in continuing to lease. Current leases will be honored for the duration of the lease terms if the lessee chooses not to participate in an auction of the lot they lease before 2019. In the event a lessee wants to participate in the auction of the lot they lease but their lease is due to expire prior to the prescribed auction date, IDL will extend the lease term to coincide with the auction date.  In 2010, the Land Board voted to divest ownership of the cottage sites and reinvest the proceeds in assets that produce greater long-term financial returns. Endowment lands are managed under a constitutional mandate to “secure the maximum long-term financial return” to public schools and other endowment beneficiaries. IDL has auctioned 189 cottage sites since 2011 – 102 lots at Priest Lake and 87 lots at Payette Lake. Overall, the cottage sites have sold for $1.8 million more than their appraised value.

NEWS MEDIA CONTACT:
Sharla Arledge, Public Information Officer
(208) 334-0286 or pio@idl.idaho.gov

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