(BOISE) – The State Board of Land Commissioners (Land Board) has directed the Idaho Department of Lands (IDL) to offer 10 commercial properties for auction on Dec. 6. The properties include commercial buildings, parking lots and vacant commercial building lots in Boise, Meridian and Idaho Falls.
The auction starts at 2 p.m. at the Courtyard Marriott, 1789 S. Eagle Road in Meridian.
The following properties will be offered for auction.
- Parking Lot, 211 N. Fifth St., Boise
- Parking Lot, 401 W. Bannock St., Boise
- Parking Lot, 417 W. Jefferson St., Boise
- Office Building, 590 W. Washington St., Boise
- Commercial Buildings, 961-965 E. Lincoln Rd., Idaho Falls
- Office Building, 595 University Blvd., Idaho Falls
- Commercial Building Lot, 800 E. Watertower St., Meridian
- Commercial Building Lot, 860 E. Watertower St., Meridian
- Commercial Building Lot, 920 E. Watertower St., Meridian
- Commercial Building Lot, 970 E. Watertower St., Meridian
The Land Board's commercial real estate broker, Thornton Oliver Keller (TOK), is marketing the properties and hosting a web portal with extensive property information for potential purchasers. Detailed information about the auction and individual properties is available by registering on the TOK web portal, located here:http://tokcommercial.com/CommercialProperties/IDLDisposition2017.aspx
BACKGROUND. Under the direction of the Land Board, IDL manages approximately 2.4 million acres of endowment lands under a constitutional mandate to maximize long-term financial returns to public schools and other beneficiaries. The Idaho Constitution requires a public auction for the sale of endowment lands.
The Land Board voted in late 2014 to consider disposing certain commercial properties consistent with the constitutional mandate. The decision was based on the recommendations of independent third-party investment consultant Callan Associates. IDL sold seven commercial properties for $17,265,000 in 2016.
Land Board to vote on state lands grazing rate at meeting Dec. 5. A special meeting of the State Board of Land Commissioners is scheduled for Dec. 5 to vote on a final grazing rate approach and formula for endowment lands. The meeting will start at 9 a.m. in Senate Room WW55 in the Idaho Capitol, located at 700 W. Jefferson Street in Boise.
The Idaho Department of Lands and a Land Board Grazing Rate Subcommittee wrapped up more than two years of work reviewing the existing grazing rate methodology – which has not been reviewed since 1993 – and develop alternatives for Land Board consideration. There are more than 1,100 grazing leases that cover more than 1.7 million endowment rangeland acres.
Additional information about the grazing rate review process and alternatives to be considered by the Land Board at the special meeting on Dec. 5 is available online here: https://www.idl.idaho.gov/leasing/grazing/rate/index.html