Description
The State of Alaska has approved a 25‑year renewal lease for the Alaska Fun Center, a 0.688‑acre commercial parcel located at 1817 College Road, Fairbanks. The current lease expires 11/16/2026; the renewal will run to 11/16/2051. The lessee must maintain compliance with lease terms, post a $30,000 performance guaranty, and carry comprehensive general liability insurance naming the State as an additional insured. Annual lease rent is approximately $3,959 (subject to appraisal and periodic re‑appraisal). The parcel is encumbered by two DOT easements and is subject to public trust doctrine provisions for navigable waters. No additional survey is required, but an appraisal must be completed before final lease issuance. The decision is final unless appealed within 20 calendar days.
• Lease term: 25 years (2026‑2051)
• Parcel size: 0.688 acre, commercial use (Alaska Fun Center)
• Annual rent: ≈ $3,959 (subject to appraisal)
• Required performance guaranty: $30,000
• Insurance: Comprehensive general liability, State named as additional insured
• Encumbrances: Two DOT access easements, public waterway easement considerations
• Compliance: Must meet AS 38.05 statutes, submit appraisal, maintain hazardous‑material handling standards
• Appeal window: 20 days from decision issuance