Central Cascades Exchange
This exchange of 21,000 acres of state trust lands for 82,000 acres of land owned by Western Pacific Timber, LLC, was completed on February 22, 2008. The exchange was approved by the state Board of Natural Resources at a monthly meeting on November 6, 2007. Although the total values of the lands exchanged are roughly equal, the transaction produces a net gain of nearly 62,000 acres of state trust land.
Parcel List
Revised Maps (October 2007)
Objective
The land exchange is intended to provide more assured sources of long-term revenue to the trusts that help fund construction of public schools, universities, and other state institutions in Washington.
The exchange, which includes rural, forested, and agricultural parcels, consolidates state trust lands into larger, more contiguous blocks so they can be more effectively managed by DNR. The exchange also allows DNR to enhance wildlife habitat, water quality protection, and access for public recreational opportunities.
Details
The trusts involved in the exchange (and their specific beneficiaries) are:
- Common School Trust and Escheat Trust—both help build kindergarten through 12th grade public schools statewide.
- Capitol Building Trust—supports construction of state government offices in Olympia.
- Normal School Trust—supports construction of buildings at Central, Eastern, and Western Washington state universities, and the Evergreen State College.
- Scientific School Trust—supports Washington State University.
- University Original Trust—supports construction of buildings at the University of Washington.
The values of the lands exchanged between the state trusts and Western Pacific Timber are nearly identical. Independent third-party appraisals valued the 20,970 acres of exchanged state trust lands at $56,549,000 while the 82,548 acres the state trusts receive are appraised at $56,555,000. Many of the parcels that went to Western Pacific were isolated trust properties that were less effective to manage for the trusts’ beneficiaries.
Central Cascades Land Exchange Summary Sheet