On hundreds of Land Office tracts in Oklahoma, the two largest Divisions, Real Estate Management and Minerals Management, work side by side in harmony to maximize return for beneficiaries. Mineral lease auctions are held every other month starting in January. Real estate lease auctions are held every October around the state.
Statewide, 750,000 surface acres and 1.2 million mineral acres are actively managed by the Land Office and revenues generated are distributed to Oklahoma schools and universities. Last year, more than $131 million was distributed to education beneficiaries by the Land Office. We actively manage these lands and oversee their use to ensure the long term health of the lands, and their ability to generate revenue for years to come.
Humble though facilities were in the beginning, early leaders at both the Federal and State levels had the foresight to provide for a permanent base to fund the educational needs of the state as it grew.
Through the Real Estate Division, 750,000 surface acres are actively leased to generate revenues for public education in the state of Oklahoma. State school land is leased for agricultural farming and grazing, as well as for outdoor sport and recreational use including hunting, fishing and camping.
Commercial property leases add a level of diversity to our agricultural and minerals portfolios. The ability to deal in commercial real estate has allowed for increased distributions to our beneficiaries.
As the state grew and commerce became more sophisticated, the agency was permitted to issue long term commercial leases of up to 55 years in order to capitalize on the commercial potential of some of the Commission owned assets. Among the commercial developments on school land are a well-known golf course and multi-purpose development in Oklahoma City known as Rose Creek.
Recently the Commissioners of the Land Office began accepting online payment via electronic funds transfer (EFT) for real estate surface leases and mineral lease bonus payments. To make a payment, view a sample invoice or learn more about the process via our frequently asked questions (FAQs) click here.