Legislature outlines alternatives to LIO building lease in new report
$43 million — that’s how much it would cost the state to buy the building the Alaska Legislature is occupying in downtown Anchorage, according to a new report.
Alaska lawmakers are deciding whether to continue their lease at the Legislative Information Office or break it and move into the state-owned Atwood Building.
If they stay, it would cost about $40 million over 10 years, according to the report by the Alaska Legislative Council. A cash purchase would cost about $43 million.
If lawmakers move to the Atwood building, it would cost about $10 million, according to the report.
“For us to be in a space that costs almost twice as much as similar office spaces in other parts of the community, does not make a lot of sense,” said Rep. Sam Kito in a phone conversation.
The current lease expires in 2024. There is, however, a way out of it. If the rent money is not included in the budget, a clause in the lease would allow them to get out of the lease.
The 14-member legislative council is scheduled to meet Friday in Anchorage to consider the options in the report.
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