State Could Be forced to Sell Off Storage Business
Idaho’s endowment trust could soon be forced to sell a self-storage business in Boise that’s ignited criticism that the state inappropriately meddled in the private sector. Rep. John Vander Woude of Meridian introduced a bill Tuesday to require the Land Board to sell or lease all improvements on endowment-owned ground, and sell all business operations. It’s a response to the 2010 purchase of Affordable Self Storage in Boise, a transaction that angered those who felt like the Land Board had overstepped government’s appropriate role. Vander Woude’s bill will now get a hearing in the House Resources Committee. It’s a touchy issue, because the Land Board must pursue the highest returns from endowment properties to benefit schools, according to the Idaho Constitution. And the storage business is among its best performers.