Steamship Wharf bonds on Assembly agenda


Posted: Monday, January 13, 2003

JUNEAU - The Juneau Assembly tonight will consider the sale of up to $6.2 million in revenue bonds for the Steamship Wharf-Marine Park project downtown.

While the city estimates $5.9 million will be needed to complete the project, the Assembly is being asked for more funding in case interest rates change prior to the bond sale. The interest rate for similar bonds is about 3.25 percent, according to the city.

The total includes $5.2 million to build the project, $593,600 in required reserves and $110,000 for bond issuance costs. Estimates last fall placed the construction cost at $4.7 million. The new numbers reflect the actual cost to build the structural pilings and deck surface, according to the city.

Under an agreement approved by the Assembly earlier this year, 75 percent of the project's cost will be paid for with a new port development fee from cruise ships, with the rest coming from an older, $5-per-passenger cruise fee. The project is on track to open on May 1 with a final completion by July 1.

In other action, the Assembly will consider a resolution urging the Federal Aviation Administration not to shorten the landing area of Juneau's runway to increase the airport's runway safety area.

The meeting starts at 7 tonight at Assembly chambers.

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