Approved this week, the 49-year, 2,100-acre lease completes a three-year process of entitlement with Valley County, several state agencies and the U.S. Army Corps of Engineers. No appeals are pending and the time for further appeals has elapsed.
"We are taking advantage of this final decision to move swiftly ahead," said Jean-Pierre Boespflug, chief executive officer of Tamarack Resort. "The resort will be ready for full operation next winter."
The resort will be situated two hours from Boise on the northwest corner of Cascade Lake, near the City of McCall. The master plan calls for the construction of approximately 2,000 units of housing, a ski resort and a golf course. The first phase of construction will begin this summer and include three ski lifts, grading for a Robert Trent Jones II golf course and infrastructure for home sites.
Jay Biladeau, the state's assistant director for lands, minerals and range tells GlobeSt.com the state lands will be used for the ski resort and a portion of the golf course. The lease agreement is for an initial term of 25 years that can be extended by another 24 years. The rent is $200,000 per year for the first five years, $250,000 per year for the next five years. After that, annual rent is a percentage of gross receipts or $250,000, which ever is greater.
As per the lease agreement, the first two years were paid up front when a preliminary 10-year lease was approved last May. Now that the long-term lease has been authorized by the State Legislature, the rest of the rent for the first five years, $600,000, is now due within 60 days.
Biladeau says the land that was leased to Tamarack is endowment land granted by the federal government at statehood that benefits the state's public schools as well as a state hospital. Heretofore the land was timber land generating an annual return of about $50,000, says Biladeau.
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