The Anchorage Assembly has made significant strides in funding and completing the long-awaited overhaul of the Don Young Port of Alaska. The approval of two measures this week paves the way for the construction work at the port as part of its modernization project.
One of the ordinances enables the city to sell up to $1.1 billion in revenue bonds to finance the construction work, which will be repaid through fees collected on material passing through the port. The Assembly Chair likened this to getting pre-approved for a mortgage, emphasizing that it authorizes a line of credit rather than taking on debt.
The slow progress of the project has been hindered by financing challenges, including a federal court decision overturning a substantial award to the city for faulty construction work. However, the city has secured substantial state and federal funding totaling around $500 million for the project, which has a total cost estimated between $1.8 billion to $2.2 billion.
The Assembly also approved an agreement with a contractor to begin the process of removing the current Terminal 1 wharf and constructing a new one by December 2029. These measures mark the largest municipal capital project in the city’s history and a significant step forward in the modernization of Alaska’s main port facility.
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