AK SB165

Alaska Railroad Corporation is authorized to convey approximately 1.93 acres of rail land in the Alaska Railroad Anchorage Terminal Reserve to the Municipality of Anchorage for residential redevelopment purposes.

Alaska Railroad Corporation is authorized to convey approximately 0.18 acres of rail land in the Alaska Railroad Anchorage Terminal Reserve to the Municipality of Anchorage to enable development of safe and reasonable access to Government Hill Elementary School.

The Alaska Railroad Corporation may accept fee simple title to land of approximate equivalent fair market value or a combination of land and cash to equalize the value of transferred assets in consideration for the conveyances.

Any land conveyed to the Alaska Railroad Corporation by the Municipality of Anchorage must be held and managed in accordance with Alaska Statute 42.40.

The Act takes effect immediately upon enactment.