Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
BOISE, Idaho (AP) — Idaho officials have opted to continue a strategy of using millions of dollars from the sale of commercial and residential properties to buy timberland and farmland.
The Idaho Land Board on Tuesday voted to approve the plan that financial experts say offers good returns while also reducing market volatility.
The state has banked $122 million from the sale of residential and commercial properties and is expected to eventually have $180 million.
Idaho has been selling hundreds of residential home sites as it gets out of the business of leasing that land.
The Land Board has also sold commercial real estate it managed after complaints that state-owned businesses unfairly compete with private businesses.
The Land Board manages 2.44 million acres of state endowment land, benefiting mainly public schools.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
