1500 West Vernal Property (C-26971)
What are trust lands?
Trust lands are parcels of land granted by Congress to Utah at statehood to support specific beneficiaries, including public schools, universities, hospitals, and reservoirs. Trust lands are not public lands, but are generally open for public use, when possible. Trust lands were allocated specifically to generate revenue to support our beneficiaries. SITLA currently manages 3.4 million surface acres on behalf of our beneficiaries.
ONLINE BIDDING INFORMATION:
Bid Start Time for this Parcel:Â 9am (MT) November 4, 2021
Bid End Time for this Parcel:Â 10:30am (MT) November 10, 2021
Closing Costs:
The closing costs are in addition to the 10% down payment. The cultural resources survey costs may be financed, upon approval. All other closing costs are due from the prevailing bidder at the auction and cannot be financed.
| Cultural Resources Survey: | $632.14 |
| Appraisal Costs: | $1,800.00 |
| Advertising Costs: | $200.00 |
| Land Survey Costs: | $2,000.00 |
| Sale Processing Charge: | $500.00 |
| Application Fee: | $250.00 |
| TOTAL CLOSING COSTS: | $5,382.14 |
Beneficiary:
The net proceeds from the sale of this property will be deposited into the permanent fund for the beneficiary of Public Schools.
Legal Description:
Township 5 South, Range 21 East, SLB&M
Section 10: N2N2N2SW4SW4
(Survey Below)
Location:
The property is located southwest of Vernal, along 1500 West.
Access:
Access to the property is from 1500 West.
Additional Information:
This land is relatively flat with typical grasses and shrubs for the area.
Acreage:
6.62 Acres, More or Less (Survey Below)
Water Rights:
No water rights are being sold with this property.
Utilities:
Utilities are located nearby.
Zoning:
MG1 (Mining and Grazing)
Financing:
Financing will be offered for this parcel at a variable interest rate of prime plus 2.5% or 7.5%, whichever is greater. A down payment of 10% and closing costs will be due at the auction. The remaining balance can be financed for up to a 20 year term.
Mineral Leases:
- Mineral Lease No. 53732-OBA, issued to Hoodoo Mining and production Company, LLC for oil, gas, and associated hydrocarbon with an expiration date of November 1, 2021 (based on production)
Surface Leases:
- Easement No. 2346, issued to High Line Canal Company for a canal for a perpetual term
- Grazing Permit No. 23289, issued to Holmes Bar NE Ranch, LLC (this property will be deleted from the grazing permit when it is sold)
Cultural Resource Covenant:
A cultural resource survey was conducted on this parcel. Significant site(s) were identified. The parcel will be sold with cultural reservations for the significant site(s).
Disclosures:
- A possible trespass issue exists from the parcels located to the North. It will be the responsibility of the successful purchaser to resolve this encroachment.
- Please see the disclosure summary and the certificate of sale template document posted at the bottom of this page for general disclosures which apply to all parcels being offered for sale at this auction.
- All mineral rights will be reserved.
- The sand and gravel on the parcel will be subject to a royalty provision if sold commercially.
- The property will be conveyed subject to all valid existing rights.
- The Utah Geological Survey (UGS) has submitted the following comment:Â “Potential geologic hazards in the area that could affect the parcel include flash flooding/debris flow, problem soils and/or bedrock including shrink/swell and/or collapsible, landslides and landslide-prone bedrock units, shallow groundwater and/or bedrock, and indoor radon potential. Prospective buyers should be aware of the potential hazards so they can be addressed in a manner appropriate to the intended use of the property. UGS has general geologic hazard information available at its offices and online at http://geology.utah.gov/utahgeo/hazards/index.htm.”
