Sand, gravel and basalt auction nets half a million for Idaho’s schools
BOISE, Idaho (KIFI) - Idaho Public Schools earned more than a half a million dollars from competitive bidding on a sand, gravel and basalt lease in southwest Ada County.
An Idaho Department of Lands (IDL) public auction, held on Thursday, resulted in a $550,000 premium bid on the mineral lease. The leased parcel is located on public school endowment land south of Boise.
Six bidders registered to bid on an 89-acre parcel (Mineral Lease E600119). ASG Resources, LLC was the high bidder. ASG previously won a different endowment minerals lease, also in Ada County, last year with a high bid of $500,000.
“Resources from Idaho’s Endowment Lands continue to be in high demand across every corner of the state,” IDL Director Dustin Miller said. “Today’s bidding is a win for our public schools, Idaho’s taxpayers and our economy”.
The annual rent for the lease is $286 plus a minimum annual royalty payment of $7,500. The rent and premium bid 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.
IDL is required to present all auctions for leases that have more than one bidder to the Land Board for approval. The Land Board will review the auction results at an upcoming meeting. The lease duration is for 10 years, and it commences on March 1, 2024.
The public auction occurred at the IDL Southwest Supervisory Area Office in Boise.
