Legislature to Pay More for Anchorage Space

A deal to renovate and expand the Legislature's leased office building in Anchorage will result in a huge increase in monthly rent.

Tools

by Associated Press

ANCHORAGE- A deal to renovate and expand the Legislature's leased office building in Anchorage will result in a huge increase in monthly rent.


The Legislature now pays about $57,000 a month to lease a building downtown, where local legislators work between sessions and the Anchorage Legislative Information Office is located. Under terms negotiated by Rep. Mike Hawker, the state will pay more than $280,000 a month once renovation is complete in January 2015.


Hawker crafted the deal as chairman of the Legislative Council. It was vetted by the Alaska Housing Finance Corp., or AHFC.


AHFC's Michael Buller says the rent will be 13 percent lower than the fair market rate for similar property downtown. The rate will be locked in for the 10-year lease.