2005 Section 108 Project Summary - Alaska

Public Facilities

Mountain View Redevelopment Loan Fund
BORROWER: ANCHORAGE
STATE: AK
SECTION 108 LOAN GUARANTEE AMOUNT: $5,000,000

Anchorage will use the Section 108 guaranteed loan to capitalize the Mountain View Redevelopment Fund for making loans and/or grants to public or private nonprofit organizations and private for-profit businesses to carry out commercial economic development activities in Mountain View, Anchorage's Arts and Cultural District. This distressed area had commercial and military uses which left parts of the area with ground contamination.

Section 108 guaranteed loan financing will be used in conjunction with the City �s $2,000,000 Fiscal year 2003 Brownfield Economic Development Initiative grant award. The city's funding activities will cause the creation of an estimated 150 new jobs of which at least 51% will benefit low and moderate-income persons.