A Patent is issued upon satisfaction of the Certificate of Purchase to transfer clear title to the buyer. Mineral rights, associated with Trust land purchased at public auction, are not transferred to the successful bidder. State Trust lands may be leased throughtout the State for a variety of commercial purposes including various retail, industrial and other uses. Not only are commercial leases available for prime locations on Trust land, but the lessee is exempt from paying property taxes on the land. All authorized improvements are the sole property of the lessee which are reimbursable by subsequent lessees or purchasers.
Improvements are subject to taxation by the local taxing authority.
Lease rentals reflecting the market value are structured to assist in making financing feasible. The application for purchase or long term lease is prepared for presentation to the Department's Board of Appeals. Upon approval of the sale or long term lease an auction date is scheduled. The sale or long term lease notice is published for 10 consecutive weeks as required by the Enabling Act. An oral auction is conducted and the property is sold or leased to the highest and best bidder.