Idaho Auctions Off More Commercial Property
BOISE, Idaho (KLIX)-The State of Idaho sold another batch of commercial properties in the Treasure Valley for a little more than $1.5 million at an auction Friday.
According to the Idaho Department of Lands (IDL) a total of seven commercial building lots were auctioned off in Meridian, with all bids above the appraised price of the properties (the exact total was $1,560,500).
IDL said in a statement that three of the building lots were bought by Idaho State Police for $682,500 and four properties were acquired by the Meridian Rural Fire Protection District for $878,000.
The state has been in the process of auctioning off commercial properties after the Land Board, made up of the governor, secretary of state and other high ranking elected officials, directed IDL in 2014 to divest ownership of them. The department manages more than 2.4 million acres of state endowment trust land that supports public schools and other state institutions.
Since the mandate to divest commercial properties, IDL says it made $25,755,000 by auctioning off properties from 2016 to 2017 from 12 lots. Funds are put in what is called the "Land Bank" to purchase other lands in the state or they go to the Permanent Fund.