U of I gets OK to buy McCall campus after rent rises
BOISE, Idaho (AP) -- The University of Idaho won unanimous approval for its plan to buy the school's campus in McCall after the state Land Board boosted its annual rent five-fold.
The Idaho Board of Education voted on Monday morning to approve the Moscow-based school's acquisition.
The land on the shore of Payette Lake is currently part of Idaho's endowment, but has been leased by the University of Idaho for the last six decades.
The lease was boosted earlier this year to $250,000, from just $50,000, as the Land Board seeks to maximize returns from endowment land for beneficiaries including Idaho public schools.
UI plans to buy the land for its appraised value, about $6.1 million.
It anticipates that bond payments to help finance the acquisition will be less than $250,000 annually.