MEMORANDUM

TO: William Popp, Assembly President

Members, Kenai Peninsula Borough Assembly

FROM: Drew Scalzi, Assembly Member

Tim Navarre, Assembly Member

DATE: April 6, 2000

SUBJECT: Ordinance 2000-18 authorizing the sale for less than fair market value of land to the North Pacific Volcano Learning Center, Inc.

In 1998, the borough assembly authorized the Kenai Peninsula Borough to purchase approximately 80 acres from Mrs. Glud for eventual use by the North Pacific Volcano Learning Center (NPVLC). Prior to the sale, the property had to be subdivided and platted which was completed at the end of 1998, and the purchase was finalized. In order to raise funds for construction of the facility, the NPVLC has indicated that it must have title to the subject property. This ordinance, if enacted, would convey the land to NPVLC for the sum of one dollar, provided that the land must be used for public purposes including the volcano learning center, and also provided that if NPVLC has not raised $5 million within the first five years then the land shall automatically revert to the Kenai Peninsula Borough.