AK HB395

Alaska Railroad Corporation is authorized to convey approximately 188 acres of rail land surface estate to the City of Nenana for fair market value, subject to valid existing rights.

Property includes an approximately 170-acre portion of Lot 2 (U.S. Survey No. 1138) and specific lots in Block 1, 2, 11, and 12 (U.S. Survey No. 1127), plus approximately 14 acres of the Railroad Reserve Lot (U.S. Survey No. 1127), all located within Township 4 South, Range 8 West, Fairbanks Meridian.

Alaska Railroad Corporation and City of Nenana shall execute an agreement to conduct any necessary surveying and platting actions, with the legislature recognizing that legal descriptions may be modified during this process.

Alaska Railroad Corporation may accept cash payment equivalent to the fair market value of the conveyed land.

Act constitutes legislative approval under AS 42.40.285(1) and takes effect immediately.