Wrangell approves hotel tidelands purchase
February 23, 2017
WRANGELL – At its rescheduled meeting last week, the City and Borough Assembly approved a bid by the Stikine Inn to purchase adjacent tidelands for less than assessed value.
Southeast Properties LLC, which has owned the hotel for a decade, proposed purchasing from the city 5,450 square feet of submerged tidelands and 2,000 square feet of uplands to the north and west of the property's current boundaries.
The assessed value of the site was at $101,200, based on estimated fair market value as of July 1, 2015. The offered price was about two-thirds that, at $64,507. Speaking for Southeast...