Tracy Loew

Statesman Journal

Oregon has put a $220.8 million price tag on the Elliott State Forest.

That’s much less than the $300 million to $400 million value estimated in August, when the State Land Board decided to sell the 82,500-acre property near Coos Bay.

“We knew there was a range. We knew there was uncertainty,” said Jim Paul, director of the Oregon Department of State Lands. “It wasn’t anything close to the rigor of the appraisal and timber cruise we went through to get this price.”

This time, three independent firms provided appraisals. Mason, Bruce & Girard, an Oregon natural resources consulting firm, prepared the final report and valuation.

The forest was created in 1930 to provide funding for the Common School Fund, but has lost money as timber harvests have declined.

The state plans to sell the property to a single party as one piece at, but not above, full market value.

The buyer must be willing to maintain public benefits such as recreational access, preservation of older forest stands, protection of watersheds and maintaining jobs.

Four dozen entities – timber companies, conservation groups, local governments and tribes – have formally expressed interest in buying the property.

They have until Nov. 15 to submit bids.

"Protecting and enhancing the Common School Fund is perhaps the most important thing we do as an agency, and a successful transfer of ownership of the Elliott State Forest as a result of this work will be a huge achievement towards this end," Paul said.

tloew@statesmanjournal.com, 503-399-6779 or follow at Twitter.com/Tracy_Loew

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