AK HB173

Alaska Railroad Corporation is authorized to convey approximately five acres of rail land in the Alaska Railroad Fairbanks Terminal Reserve (Sections 3 and 10, Township 1 South, Range 1 West, Fairbanks Meridian) to the Department of Transportation and Public Facilities.

Land conveyance is for reconstruction, realignment, and widening of Illinois Street in Fairbanks to improve highway operations and enhance safety.

Alaska Railroad Corporation may accept cash, fee simple title to land of approximately equivalent fair market value, or a combination of land and cash to equalize the value of the exchanged assets.

Any land conveyed to the Alaska Railroad Corporation under this section must be held and managed in accordance with Alaska Statutes 42.40.

The act takes effect immediately upon enactment under Alaska Statutes 01.10.070(c).