Tuesday, February 17, 2026
Department Report
Timber Sales Revenue
- January 2026 Timber Sales
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IDL sold two endowment sales totaling 10,050 MBF for $4.49 million, achieving a 29% up-bid over appraised value and averaging $447/MBF.
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One delivered product sale generated $783/MBF, capturing additional revenue by selling directly to mills and end users.
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One IDPR sale (1,470 MBF) sold for $283,652, a 7% increase over appraised value, reflecting strong market demand.
- February 2026 Timber Sales and Program Progress
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IDL offered eight sales totaling ~25,000 MBF valued at $5.1 million, including several salvage sales.
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FY2026 progress includes 205 MMBF sold or in process (62% of plan) and $55 million in timber receipts generated.
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Total active contracts include 447 MMBF valued at $147.6 million, with receipts at 94% of the three-year average despite mild winter conditions slowing harvest activity.
- Windstorm Damage and Salvage Efforts
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The Dec. 17, 2025 windstorm, with gusts up to 91 mph, damaged approximately 21 MMBF of endowment timber across North Idaho.
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Estimated 10–15% defect from splitting and approximately 18% total value loss compared to green timber sales.
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Wind-damaged timber retains most value because trees remain green, with losses mainly from breakage and salvage timing.
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IDL approved 8,875 MBF (~40%) for salvage sale, demonstrating rapid, proactive efforts to protect endowment revenue and asset value.
- Good Neighbor Authority (GNA) and Shared Stewardship
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IDL is coordinating with the U.S. Forest Service through GNA to support salvage efforts on federal lands affected by the windstorm.
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GNA allows IDL foresters to assist with salvage planning, accelerate timber recovery, and improve efficiency across ownerships.
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Collaboration with federal and private partners helps maximize timber recovery, maintain mill supply, and reduce insect and decay risks.
Leases/Permits Transactions and Revenue
Land Bank Aging Report
- Attachment: Land Bank Aging Report
- Land Bank holds approximately $83.9 million in cash, with $78.8 million in principal remaining.
- Acquisition Pipeline - IDL has identified approximately 15,000 acres for potential acquisition using Land Bank funds.
- Land values remain high, requiring careful evaluation before purchase.
- Some funds begin expiring in FY2027, creating urgency to complete strategic acquisitions.
Legislative Update
- Attachment: Legislative Update
- Rules, Budget, and Legislative Activity
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Three IDL rule dockets under review: mine land reclamation, navigable lakes regulation, and easements on state-owned lands.
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IDL, EFIB, and Bond Bank presented to JFAC, receiving extensive legislative questions on endowment management and programs.
- House Bill 511 and Other Legislation
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House Bill 511, revising the private forest land surcharge, passed the House 46–22 and is supported by the Land Board.
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IDL is tracking additional legislation, including an Idaho Code cleanup bill and several proposals affecting land management.
- Constitutional Amendments
- Management Impacts (Discussion)
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The proposed constitutional amendments would modify endowment land management priorities, emphasizing revenue generation and public access.
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The Director confirmed IDL has engaged with sponsors and provided input, noting amendments could create separate land categories, increasing administrative complexity and costs.
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The Governor and Land Board members expressed concern that managing lands under different rules would increase administrative burden, costs, and operational challenges, including tracking ownership, mineral rights, and revenue allocation.
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The Board emphasized IDL’s constitutional mandate to maximize long-term financial returns for endowment beneficiaries, and raised concerns about removing or weakening this standard.
- IDL Role, Trust Responsibility, and Industry Coordination (Discussion)
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The Director emphasized IDL’s role as a trust manager, focused on generating long-term revenue while maintaining public access and sustainable management.
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IDL is working with industry partners, legislators, and stakeholders to explain the trust mission and potential impacts of proposed changes.
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Board members noted that leasing and retaining productive lands typically provides greater long-term value than selling lands, reinforcing the Land Board’s current strategy.
- Land Board Authority and Strategic Land Management (Discussion)
- The Director confirmed the Land Board retains authority to sell underperforming lands and acquire higher-value lands to improve endowment returns.
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Over the past decade, the Land Board has acquired more than 54,000 acres and sold about 800 acres, improving asset productivity and expanding public access.
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Board members stressed the importance of educating lawmakers and stakeholders on endowment land management, fiduciary responsibilities, and the financial and operational implications of constitutional changes.
Resource Protection & Assistance Report
- Attachment: Resource Protection & Assistance Report
- Navigable Waterways Program
- Generated $502,845 in FY2026 (first half); fund balance exceeds $2.5 million.
- Issued 172 encroachment permits and multiple leases and easements; rule update pending legislative approval.
- Mining Regulation and Reclamation
- IDL administers 1,576 reclamation plans and 28 dredge/placer permits.
- Major projects advancing: Stibnite, Thompson Creek, DeLamar, and Black Pine mines.
- Maintains over $221.9 million in reclamation bonds and collects $144,900 annually through the Bond Assurance Fund.
- Abandoned Mine Lands and Program Funding
- AML program received $147,100 in FY2026 revenue and continues reclamation and monitoring projects.
- IDL shifted 1.5 staff positions to Navigable Waterways funding, with revenue expected to continue increasing.
Endowment Fund Investment Board
- Investment Performance and Fund Value
- Endowment Fund gained 2.6% in January and 9.4% FYTD, with total value reaching approximately $3.9 billion.
- Returns driven by cooling inflation, strong corporate earnings, and improved small and mid-cap performance.
- Portfolio Allocation and Strategy
- Portfolio includes 36.5% domestic equity, 17.9% international equity, 22.5% fixed income, and 10% real estate.
- EFIB is adding a third international equity manager to improve diversification.
- Fund Stability and Oversight
- Distributions for FY2026 and FY2027 are fully secured, with no compliance or legal issues.
- Benchmark reporting was updated to better reflect actual portfolio allocations and manager performance.
- Legislative and Policy Discussion
- EFIB confirmed it could adjust investments if required by legislation, but emphasized maintaining strong returns and long-term beneficiary value.
Consent - Action Item(s)
Spirit of Mount Spokane
- Spirit of Mount Spokane Forest Legacy Project – Phase 1
- Phase 1 protects 22,352 acres of privately owned working forestland in Bonner and Kootenai Counties through a conservation easement.
- The full project totals 33,977 acres, but is being completed in phases due to rising land values and funding limitations.
- Funding and Financial Structure
- Project awarded $26 million in federal Forest Legacy Program funding, with Inland Empire Paper Company contributing a 25% match through donated easement value.
- Phase 1 easement value totals approximately $34.6 million, including $25.98 million federal funding and $8.66 million landowner donation.
- Additional federal funding is being pursued to complete Phase 2.
- Forest Management, Economic, and Public Benefits
- Land remains in private ownership and active timber production, supporting Idaho’s timber industry and local tax base.
- Prevents residential development, protects water quality, reduces wildfire risk, and maintains wildlife habitat.
- Provides permanent public access for non-motorized recreation, with continued managed motorized access.
- Discussion and Land Board Context
- The project was phased due to rapid increases in land values and funding gaps, with Phase 2 dependent on future federal grant approval.
- The Governor emphasized Forest Legacy projects have protected over 100,000 acres in Idaho, supporting timber supply, public access, and long-term forest sustainability.
- The project received broad support from counties, conservation groups, timber industry, and recreation organizations, with no known opposition.
Regular Agenda
Abandoned Mine Land (AML) Advisory Committee Introduction
- Abandoned Mine Lands (AML) Advisory Committee Approval
- House Bill 226 (2025) established the AML Advisory Committee to help set reclamation priorities and improve management of AML funds.
- The committee provides technical expertise and stakeholder input to support effective reclamation planning and statutory compliance.
- Approved Committee Members
- State Agencies:
- Dana Swift — Idaho Department of Environmental Quality (DEQ)
- Cally Younger — Governor’s Office of Energy and Mineral Resources (OEMR)
- Local Government:
- Commissioner Bryce Somsen — Caribou County
- Conservation Representative:
- Michael Gibson — Trout Unlimited
- Mining Industry Representatives:
- Jon Goode — Itafos
- Dale Kerner — Integra Resources
- Tyson Clyne — Hecla Mining Company
- Land Board Discussion and Funding Context
- The Land Board will approve replacements if committee vacancies occur.
- The Governor raised concerns about limited AML funding (~$1 million) and potential risks from large abandoned mine liabilities.
- IDL is working with industry and agencies to strengthen funding, staffing, and long-term reclamation capacity.
Information Agenda
Recognition of Renee Jacobsen
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The Director recognized Renee for her 18 years with IDL and over 20 years of state service, thanking her for her dedication and contributions.
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He highlighted her professionalism, organization, attention to detail, and ability to manage Land Board operations effectively under pressure.
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Renee was praised for her positive attitude, strong work ethic, and high-quality work, which supported the department and Land Board.
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The Director expressed appreciation for her service and noted she will be greatly missed, presenting her with a service award and flowers.
Executive Session
None
Adjournment
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