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Assembly authorizes staff to enter negotiations to purchase two floors of Burns Building; appraisal $9.3 million
Summary
The assembly voted to authorize staff to enter negotiations with LNB (Permanent Fund real estate manager) regarding a possible purchase of two floors and parking at the Burns Building. An appraisal returned $9.3 million for the floors and 88 parking spaces; assessed value is higher ($11.02M). The assembly approved further negotiations 8–1.
The Committee of the Whole on Feb. 24 gave the city manager authority to enter negotiations with LNB Corporation (manager for the Alaska Permanent Fund Corporation real estate portfolio) to explore purchase of two floors of the Burns Building and associated parking.
Manager Koester reported an independent appraisal of the two floors plus 88 parking spaces at $9,300,000. City assessment records show a higher assessed value (approximately $11,020,000 with the parking included). Manager Koester described a preliminary 10‑year payback scenario previously compared to renting: owning two floors…
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