SB 142 Summary

• Authorizes the Alaska Railroad Corporation 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.

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

• The 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 assets exchanged.

• Any land conveyed to the Alaska Railroad Corporation shall be held and managed in accordance with AS 42.40.

• The act takes effect immediately upon enactment.