FAIRBANKS — The owner of a resort east of Fairbanks wants to expand by buying Fairbanks North Star Borough land but not at the asking price.
Chena Hot Springs Resort owner Bernie Karl says the borough has overpriced 1,482 acres of adjacent borough land. Karl and the borough last year agreed on the sale with the condition that he provide trail access, maintain a public parking lot and agree to easements.
An independent appraiser hired by the borough valued the land at $390 per acre for a total price of $578,370.
Karl says that’s triple what it’s worth.
Borough land department director Paul Costello says the appraisal was reviewed by a third party from Nevada.
Costello tells the Fairbanks Daily News-Miner that he has complete confidence in the appraisal’s accuracy.