Managing State Trust Lands Fiduciary Duty in the Changing West
In partnership with the Sonoran Institute
Challenges & Opportunities
Patient Capital
Unlike a private party that must finance the acquisition of land and/or pay taxes for its ownership, state-trust managers have little or no carrying costs associated with the continued ownership of a trust parcel. This allows trust managers – alone or in partnership with private entrepreneurs – to reach development objectives that are difficult to achieve through private sector ownership; for example, planning and holding onto parcels for eventual commercial development while waiting for the necessary levels of residential development. This “patient capital” characteristic of trust lands – holding land for urban development for the longer term rather than selling it for shorter term gains – may under certain circumstances produce great financial gains for school trusts.For more details on patient capital and school-trust real estate programs:
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