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The Nome Nugget
Nome, Nome County, Alaska
What is this article about?
Anchorage, Alaska, receives $677,038 federal loan and $501,263 grant for 37-acre 'Government Hill' urban renewal project, covering two-thirds of the $743,195 net cost. The project involves land acquisition, resident relocation, clearing for residential use, and a neighborhood park.
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WASHINGTON, AK--Anchorage, Alaska, will begin work on its 37-acre "government hill" urban renewal project with the aid of a $677,038 federal loan and a $501,263 capital grant approved today.
The Urban Renewal Administration, announcing the loan and grant, said estimated net cost of the project is $743,195.
This represents the difference between the cost of acquiring and preparing the land for its new uses and the return from its resale at fair value.
The federal grant covers two-thirds of the loss and includes an amount for aiding in relocation of displaced residents.
Anchorage's contributions cover the remaining third of the loss.
The predominantly residential area is located one mile north of the central business district. Portions of the site not retained by site residents will be cleared and sold for residential use, the agency said. A neighborhood park also will be provided.
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Domestic News Details
Primary Location
Anchorage, Alaska
Outcome
$677,038 federal loan and $501,263 capital grant approved; project net cost $743,195; federal covers two-thirds including relocation aid; anchorage covers one-third; land cleared and sold for residential use; neighborhood park provided.
Event Details
Anchorage to begin 37-acre 'Government Hill' urban renewal project with federal aid. Predominantly residential area one mile north of central business district. Involves acquiring and preparing land, relocating displaced residents, retaining portions for site residents, clearing and reselling others for residential use, and providing a neighborhood park.