BOISE, Idaho — An investment firm says state officials erroneously over-appraised the value of state land in and around McCall in rejecting the company's land-swap application.
Trident Investments in a statement Wednesday says it's disappointed in the appraisal, which it says any professional appraiser can see isn't accurate.
The Idaho Department of Lands on Tuesday rejected Trident's application for a swap involving about 33 square miles of state land in and around McCall for about 33 square miles of private timberland in northern Idaho because the state would lose $292 million.
The Lands Department says the land Trident Holdings sought is worth $366 million, while the land it offered is worth $74 million.
In a letter from the IDL to Alec Williams of Trident Holdings, IDL deputy director Bill Haagenson also wrote that the swap would "likely increase management cost and complexity" and likely increase the cost of access to state endowment land.
The letter, which the City of McCall posted on its website, also stated that "third-party advisors do not support proceeding with the potential exchange."
One of those advisors, Michael Finch of CenturyPacific LLLP, noted that the McCall real estate market is set to appreciate faster than Trident property, according to a memo from IDL real estate services bureau chief Joshua Purkiss to IDL Director Dustin Miller.
The Idaho Constitution directs the state land board to "secure the maximum long term financial return" for endowment lands, which largely benefit the state's public schools. It also says no state lands shall be sold for less than the appraised price.
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