Idaho’s state Land Board met today, and voted to auction off most of the commercial property now owned by the state endowment within the next two years. "The Land Board's consultant presents a compelling case that, in the current market, outside buyers will likely pay more than IDL can earn over time from the commercial properties,” said state Lands Director Tom Schultz. “Therefore, the plan will permit IDL to seek the highest value in a disciplined and prudent manner."

Among properties targeted for auction in 2016: Affordable Storage on Maple Grove Road in Boise; the Garro building and parking lot at 816 W. Bannock St. in downtown Boise; the Home Federal building at 800 W. State St.; Central Washington Place at 602 N. Fifth St., and more. Four endowment-owned parking lots, all in downtown Boise, may be auctioned in 2017.

The recommendation is for auctioning off 12 commercial properties in 2016; they and the four parking lots slated for 2017 auction are worth a total of more than $25 million. The Land Board approved the auctions “subject to market conditions and other factors.”

The Land Board, which is chaired by the governor and consists of the state’s top elected officials, is in the process of a multi-year change in the state endowment’s land mix, including getting out of commercial property in Idaho and auctioning off many of the state-owned lake cabin sites, on which cabin owners build and own their own cabins. So far, the state has auctioned off 189 cabin sites since 2011, 102 at Priest Lake and 87 at Payette Lake. Today, the board voted to offer all remaining cabin site lessees an opportunity to bid on the ground under their cabins at auction by the end of 2019. There’s more info online here.