Anchorage commission recommends competitive bid sale of three Maui Industrial Park parcels

Three municipally owned industrial lots in Anchorage's Maui Industrial Park are headed to competitive bid, with buyers required to develop the parcels within five years or the properties revert to the Heritage Land Bank inventory.

The Disposal

The Heritage Land Bank Advisory Commission passed Resolution 2024-07 on October 24, 2024, recommending the competitive-bid disposal of parcels 5-010, 5-011, and 5-012, legally described as Lots 3, 4, and 5, Tract 3, Maui Industrial Park Subdivision. Commission Chair L. Dean Marshall signed the resolution. Under the municipal process, the commission's recommendation advances to the Mayor and Assembly for further action.

Bids must meet or exceed appraised fair market value. If no qualifying bid comes in, the Heritage Land Bank may enter direct negotiations or set a minimum acceptable bid. A reversionary clause written into each deed requires the successful bidder to develop the parcel within five years. If development does not occur within that period, the property reverts to Heritage Land Bank inventory and the Municipality of Anchorage reimburses the buyer the original purchase price.

Broader Context

The disposal is supported by the Heritage Land Bank 2024 Annual Work Program and 2025-2029 Five-Year Management Plan. The Heritage Land Bank conducted public notice and agency review. No municipal agencies or community councils raised objections.