Board of Commissioners of Public Lands: Board approves purchase of 393 acres of land in Vilas County and $1.2 million in trust fund loans

CONTACT: Tia Nelson, Executive Secretary (608) 266-8369

MADISON – The Board of Commissioners of Public Lands (BCPL) approved the purchase of 392.66 acres of land located in the town of Land O’Lakes in Vilas County for $1,900 per acre from Roderick W. McKinnon III today. BCPL’s purchase of this property will increase revenue for the agency’s School Trust Funds through future timber harvests.

The Board has purchased 8,262 acres of land since being granted land bank authority by the legislature in April 2006. In addition, BCPL has sold 8,982 acres of land poorly suited for timber production or located within the boundaries of another government agency. As directed by the legislature, proceeds from the sale of those Trust Lands can be reinvested in other property, which helps the agency meet its goal of consolidating its Trust Lands and increasing timber revenue to benefit public education. This consolidation plan improves land management efficiency for the agency. In addition, BCPL’s ability to support sustainable timber management, reduce forest fragmentation, permanently protect unique natural areas and improve public access is enhanced with these purchases.

The Board also approved three loans totaling a little more than $1 million to benefit one school district and two municipalities across Wisconsin to fund their public purpose projects.

Loans approved at today’s board meeting include:

* Cadott Community School District – Chippewa & Eau Claire Counties / Finance building repairs and energy projects / $1,000,000

* North Lake Management District – Waukesha County / Reconstruct Monches Dam / $115,000

* Town of Remington – Wood County / Purchase a tractor / $34,000

In the last 12 months, including actions approved today, the Board of Commissioners of Public Lands has approved 211 loan applications totaling $186.8 million. The loans can be made to municipalities and school districts for any public purpose.

Created in 1848 by the Wisconsin Constitution, the Board of Commissioners of Public Lands was established to accept federal land grants and to manage trust funds for the benefit of public education in Wisconsin. The Board consists of Secretary of State Doug La Follette, Attorney General J.B. Van Hollen and State Treasurer Dawn Marie Sass. The majority of Trust Fund assets are held in the Common School Fund, from which the majority of State Trust Fund loans are issued. Earnings from this fund are distributed to K-12 school libraries annually.

A list of loans approved in the last twelve months can be found here: (http://bcpl.wisconsin.gov/docview.asp?docid=20435&locid=145).

The agency’s current biennial report can be found here: (http://bcpl.wisconsin.gov/docview.asp?docid=18464&locid=145).

Visit the agency’s website at http://bcpl.wisconsin.gov.