SITLA Auction Nets $4 Million for Public School, Other Endowments
SITLA sold 17 trust land parcels at its biannual public auction last week generating $4,013,060 for the endowments for public schools, state hospitals, teaching colleges, and reservoirs.
The 17 parcels sold at public auction totaled just under 3,000 surface acres in nine counties throughout the state. By law, SITLA retains the mineral estate. The 240-acre Virgin Corridor parcel in Washington County, with a minimum acceptable price of $1.26 million, did not sell.
All proceeds from the sale are deposited into the $2.5 billion permanent endowments for public schools, Miners Hospital at the University of Utah Medical Center, teaching colleges at state universities, and reservoirs.
These institutions receive annual interest income from their endowments to use as they see fit. Utah’s K-12 public school system received $74.8 million this school year, which was used largely for teacher and aide salaries, and classroom technology.
On behalf of trust land beneficiaries, SITLA generated $73 million from energy, mineral, surface, and real estate development, and land sales last fiscal year.