Idaho's State Board of Education has unanimously approved the University of Idaho's purchase of its McCall campus, which is along the shore of Payette Lake adjacent to Ponderosa State Park. It's currently endowment land managed by the state Land Board, and the UI has leased it for 65 years. The site includes the university's forestry camp and other education programs through its College of Natural Resources.
The Land Board raised the lease rate this year from about $50,000 a year to about $250,000, prompting the university decide to buy the land. Developed over the last several years, the complex transaction includes a land exchange. A private party, IW4 LLC, plans to acquire the property from the Department of Lands through a land swap for commercial property, and then sell it to the UI at its current appraised value, $6.1 million.
The UI plans to draw on its internal reserves to cover acquisition costs, and then reimburse the reserves from a future bond issue; it also is fundraising, and hoping to reduce the size of the future bond issue with major gifts. It's forecasting that the university will end up saving money on the deal, because its debt service on the bond should be less than the $250,000 annual lease payments.
The board is gathered for a special meeting this morning; among items on its agenda are possible repeal of the requirement that Idaho high school students take two online classes to graduate from high school, now that voters have rejected the “Students Come First” school reform laws that proposed the online grad requirement.