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STARTUP

STATE TO AUCTION OFF WENATCHEE LAND
June 12, 2009



(OLYMPIA, WA) – A commercial property owned by the state’s Common School Trust in Wenatchee will be sold at public auction on June 26th. The nine-acre property – a former K-Mart – includes a vacant 107,418 square-foot retail building. It is located in a commercial-retail business district, just north of downtown Wenatchee.

The sale will take place at:

Time:
1 p.m.

Date:
June 26, 2009

Place:
Chelan County Administrative Building
Commissioners Meeting Room
400 Douglas St., Suite 201
Wenatchee, WA

At the auction, the Washington State Department of Natural Resources (DNR) will accept oral bids starting at the property’s current market value of $4.25 million, which was determined by an independent appraisal.

Maps, descriptions, and other details about the property and auction process are on the DNR website: www.dnr.wa.gov . Click on ‘Leasing & Land Transactions’ in the Business & Permits area to find the link to ‘Trust Lands Identified for Auction or Direct Sale’ or go to http://www.dnr.wa.gov/BusinessPermits/Topics/OtherLandTransactions/Pages/amp_auc_wenatchee_kmart.aspx

The auction will be conducted by an open oral bidding process. Bidders must provide an advance bid deposit in cash or a cash-equivalent (such as a certified check).

Auctions benefit public school construction, forestland

The property has been managed by DNR since 1993 for income to the Common School trust, which builds kindergarten through 12th grade public schools statewide.

Auctions are how DNR sells property to private parties. An independent appraiser helped establish the property’s market value. Auction proceeds will be used to purchase replacement properties with greater long-term income potential for the trust.





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