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2009 Idaho Attorney General Reports and Opinions 1 (2009)

handle is hein.sag/sagid0006 and id is 1 raw text is: STATE OF IDAHO
OFFICE OF THE ATTORNEY GENERAL
LAWRENCE G. WASDEN
ATTORNEY GENERAL OPINION NO. 09-1
To-    George Bacon
Director, Idaho Department of Lands
STATEHOUSE MAIL
Per request for Attorney General's Opinion
You have requested an Attorney General's Opinion regarding the constitutionality of
those provisions in Idaho Code § 58-310A exempting single family cottage site leases from the
public auction requirements of Article IX, § 8, of the Idaho Constitution and substituting a
market rent requirement in lieu of public auctions.
QUESTIONS PRESENTED
.     Can the Idaho Legislature, pursuant to Idaho Code § 58-310A, exempt leases of state
endowment lands for single-family, recreational cottage sites and homesites from the
public auction requirement of Article IX, § 8, of the Idaho Constitution?
2.     Are the Idaho State Board of Land Commissioners (Land Board or Board) cottage
site leasing rules, which allow a lessee to retain a percentage of the leasehold value of a
lease upon transfer, consistent with the Board's constitutional duty to secure the
maximum long-term financial return for its beneficiaries?
The term leasehold valu&' refers to the value which accrues to a leasehold estate when the contract rent
is below the market rent. IDAPA 20,03,13,010,06. The term contract rent refers to the rental rate specified in
the cottage site leases (currently 2.5%). The term market rent refers to the rent that a cottage site would command
if offered in a competitive and open market. Leasehold value can also be defined as the value of the bargain rent
over the remaining lease term, discounted to present value. Bargain rent is the difference in value between contract
rent and market rent,
P.O. Box 83720, Boise, Idaho 83720-0010
Telephone: 1208) 334-2400, FAX_ (208) 854-8071
Located at 700 W. State Street
Joe . Williams Building, 2nd Floor

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