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BOISE, Idaho (AP) — Idaho officials have approved extending the contract of a financial adviser guiding the state through the process of reinvesting millions of dollars from the sale of commercial and residential real estate.
The Idaho Land Board voted 5-0 Tuesday to retain Callan Associates through June 2019 at an annual cost of about $150,000.
Idaho Gov. C.L. "Butch" Otter says it would cost the state more to change contractors in the middle of the reinvestment process.
Callan Associates started advising the Land Board in 2014 after the board began considering selling the state's residential real estate and politically contentious commercial real estate.
Those sales when finished in 2020 are expected to produce a one-time windfall of about $160 million.
Callan Associates has recommended the state buy timberland and farmland with the money.
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