The land exchange that's at the heart of the University of Idaho's plan to take ownership of the lakeshore McCall Outdoor Science School campus it's leased from the state endowment for the past 65 years is up for approval by the state Land Board at its meeting tomorrow, which starts at 9 a.m. in the Capitol Auditorium. Through the exchange, the 14-acre property adjacent to Ponderosa State Park would be swapped for an office building in Idaho Falls that currently - and still would after the exchange - houses the Battelle Energy Alliance LLC, the operating contractor for the Idaho National Laboratory. The office building is in a commercial business park called the Education Research Center, where INL's in-town operations have been consolidated since 2005.
State Lands Department staff estimates the two properties are of equal value, but the office building would bring the endowment a return of 8.25 percent of property value per year; the science campus currently brings in 4 percent of value, but historically has earned less than 2 percent of its value in annual rents.
Two members of the state Land Board, Secretary of State Ben Ysursa and state Controller Brandon Woolf, recently held an open house in Idaho Falls to share information about the proposed swap. It's a step toward diversifying the endowment's land portfolio, which is mostly rangeland and timberland.
Today's unanimous Board of Education vote for the UI to buy the property was one step in the transaction; Land Board approval for the exchange would be the other.