Two city officials in Idaho have reversed their stance on the states purchase of a self-storage facility last year.
A state-managed endowment trust overseen by the Department of Land paid $2.7 million in August 2010 to buy the 400-plus-unit Affordable Self Storage in a Boise suburb. The revenue from the business was earmarked to benefit Idaho public schools and other state institutions.
Now, Gov. C.L. "Butch" Otter and Superintendent of Public Instruction Tom Luna said they made a bad call. Lunas spokeswoman recently said the superintendent no longer supports the state competing with the private sector. She also said hes disappointed in his vote and will work with the Land Board to explore selling the self-storage facility
The controversial purchase has been under fire by local business owners and self-storage professionals who questioned if a state-run commercial business could operate fairly.
The other three Land Board members who oversee the endowment have stuck to their decision to purchase the facility. Affordable Self Storage is operated by a private contractor.
- Forbes.com: Otter, Luna Reverse Stance on Storage Business