AIDEA's board will sign off on refreshing its due diligence fund

The Alaska Industrial Development and Export Authority's board voted to take back some control over a $4.5 million fund from its own executive director.

Under the old arrangement, the director could automatically refresh the account at the start of each fiscal year. Public member Randy Eledge moved to strike that, so that after fiscal year 2027 the director may do so only unless the board says otherwise. Eledge said it was important that the board be accountable and hold responsibility for its actions. Vice-Chair Albert Fogle, who brought the underlying resolution, said the board should review the fund given the size of it. Both votes were unanimous.

The change reaches only the annual refresh. Individual spending from the fund still does not require board approval.

The money covers initial planning, pre-feasibility review and analysis for potential AIDEA projects. The resolution replaces a 2023 measure and widens what qualifies to include data centers, broadband, housing-supporting infrastructure and tourism, drawing on three AIDEA funds.

The July 8 meeting also spent roughly four hours in executive session, taking up the Alaska Advancement Fund, the Arctic National Wildlife Refuge, the Ambler Road, Port MacKenzie and legislative matters. Chair Bill Kendig said no action was taken. AIDEA cited privileges under the Alaska Open Meetings Act, including attorney-client and deliberative-process protections and potential harm to its finances. Board records show similar closed sessions on ANWR and Ambler in 2024 and 2025.

Three people spoke before the board went in. Andrea Feniger of the Sierra Club Alaska Chapter said the board was going into executive session "to talk about the 'meat' of the meeting," and called for legislative oversight. David Leslie of Fairbanks, who said he is Iñupiaq and a NANA shareholder, said the amount of time spent in closed session makes it hard for Alaskans to know how their money is spent. Krystal Lapp, interim executive director of the Northern Alaska Environmental Center, thanked AIDEA and Executive Director Randy Ruaro for answering questions, and asked for more public engagement outside board meetings.

Ruaro told the board that AIDEA's operating budget goes through the Legislature, but its investment decisions do not.

The board met again Aug. 26. After another executive session on ANWR, Ambler and West Susitna, it voted to spend up to $25 million on geotechnical drilling for the West Susitna Access Road.