Sand and Gravel Auction Brings in $835,000 for Idaho’s students
(Boise) – Idaho Public Schools will benefit from competitive bidding on two sand and gravel leases in southwest Ada County. An Idaho Department of Lands (IDL) public auction held Thursday, January 6, resulted in $835,000 in premium bids on the mineral leases that are located on public school endowment land south of Boise.
Five bidders registered to bid on a 78-acre parcel (Mineral Lease E600102) with ASG Resources, LLC the high bidder. ASG won the auction with a $500,000 bid. Four bidders registered to bid on a 62.2-acre parcel (Mineral Lease E600103) with Central Paving Co., Inc. placing the high bid of $335,000.
“Resources from Idaho’s Endowment Lands are in high demand across every corner of the state,” said IDL Director Dustin Miller. “Bidding like we saw today is a win for our public schools, Idaho’s taxpayers and our economy”.
The annual rent for each lease is $250 plus a minimum annual royalty of $7,500. The rent and premium bids are deposited into the Earnings Reserve Fund and royalties go directly into the Permanent Fund to be invested on behalf of the public school endowment.
During the fiscal year 2021 $1,884,158 was generated for the Public School permanent fund through mining minerals, including sand and gravel.
IDL is required to present all auctions for lease that have more than one bidder to the Land Board for approval. The Land Board will review the auction results in their February meeting. Both leases are for 10 years and commence on March 1, 2022.
The public auction took place at the IDL Southwest Supervisory Area Office in Boise.
|
