Abstract
PAG Report 28 | Published October 2008 | Idaho’s endowment trust assets include 354 cottage site lots on Priest Lake and 168 cottage site lots on Payette Lake. The state leases the lots, and lessees are authorized to construct and own single-family residences on the sites. The cottage sites are to be managed, like all endowment trust assets, to provide “maximum long term financial return” to the trust beneficiaries, primarily public schools. The State Board of Land Commissioners (Land Board) is the trustee for endowment trust assets and is mandated to “insure that each leased lot generates market rent throughout the duration of the lease.” Maximizing financial return to endowment land assets by obtaining market rent for cottage site leases raises several issues.