Idaho Public Schools will benefit from competitive bidding on two sand and gravel leases in southwest Ada County. An Idaho Department of Lands public auction held last week 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 with a $500,000 bid by ASG Resources the high bidder. Four bidders registered to bid on a 62-plus-acre parcel with Central Paving Company placing the high bid of $335,000.
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 more than $1,88 million was generated for the Public School permanent fund through mining minerals, including sand and gravel. (Idaho Department of Lands)
