The state of Idaho recently acquired a self-storage company in southwest of Boise, and acquires 24 other commercial real estate properties since 1998 to 2001. According to the state’s Department of Lands records, the commercial real estate properties consists of retail buildings, parking lots, and more than a few of Boise’s business-district offices.
The Department of Lands’ strategic business analyst Jane Wright said that the recently acquired $2.7 million storage-space company last August is located at 450 S. Maple Grove Road, and the property is one of the two commercial real estate properties that are acquired since the bout started—10 years ago and is paid in cash.
Wright also said the Department of Lands’ objective is to get-in additional funds for schools and for further recipients of the profits, which are created by these state-owned commercial real estate properties, and so that the business investments will increase its profits.
She also said the department wants to expand, like other private-owned portfolio.
However, there are critics that said that the state’s tax-exempted business and commercial real estate properties are said to be unfair to privately-owned businesses in the area that needs to pat taxes.
Rep. Joe Palmer said that the state should not be competing with the private business industry, and it is unfair for business owners who are paying for the establishments they are competing, and for private-owners of other commercial real estate properties.
Boise’s state-owned commercial real estate properties include 11 commercially-zoned lots, the Central Washington Place, Capital Park Plaza, Sherm Perry Building, and others.