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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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