FOR IMMEDIATE RELEASE
March 31, 2016
Juneau – The Alaska Legislative Council voted tonight to make an offer to purchase the Anchorage Legislative Information Office (LIO) for $32.5 million, which is a significant reduction from the previous price placed on the recently remodeled and expanded building. The vote was 13-1 with Representative Sam Kito (D-Juneau) voting yes. He is the only member of the Alaska Independent Democratic Coalition on the Legislative Council.
“We are obligated to honor the previous commitments of the Alaska Legislature by agreeing to this deal, which will alleviate the need for litigation by any party,” said Rep. Kito. “This is a responsible solution that will provide the state a valuable asset at a significant reduction in the asked price.”
The previous lease for the building, which was recently invalidated in court, was $3.3 million per year and 716 West Fourth Avenue LLC’s latest offer of a purchase price was $34 million. The $32.5 million offer made by the Legislative Council tonight covers existing debt obligations for the building and will provide the state with a fully functional space to house lawmaker’s offices and many other legislative functions. It is expected that there will be significant cost savings to the state by allowing other agencies to move into available space in the building.
For more information, please contact Alaska Independent Democratic Coalition Press Secretary Mike Mason at (907) 444-0889.