Remodeling of a library in Anchorage, Alaska. Conceptual plans call for the remodel of a library.

To construct a 4,000 square foot (SF) facility in downtown Anchorage to open a new library, taking advantage of a significant private donation that will fund basic library operations in perpetuity. The Anchorage Public Library and Anchorage Library Foundation (ALF) are working to establish a downtown library, which has the potential to play an important role in the revitalization of downtown and could serve as an anchor tenant for a multi-use development. This project is made possible by a generous $9M bequest from Janet and John Goetz, long-time downtown residents who had a vision to establish a walkable library to serve the diverse needs of downtown residents, workers, and visitors. ALF has 75% of the funding needed to purchase and construct a 4,000 SF library and pay for ALL library operations. The Municipality seeks $2.3M from the State of Alaska for capital needs, and ALF would raise an additional $2M in private support to go toward the existing $10M endowment that would pay for library operations in perpetuity. A Downtown Library annual operations would be approximately $500,000/year to operate a 4,000 SF facility for 39 hours/week. In order to fully fund 100% of library operations in perpetuity, ALF estimates that it needs an endowment of $12.5M with an annual 4% distribution to generate $500,000/year. The project is included in the municipality's 2022-2027 Capital Improvement Program (CIP). As of March 14, 2023, further details regarding design and construction have not been identified.* *Project information has been obtained through a public capital improvement plan (CIP). A CIP is a financial schedule for short- and long-range projects which is updated regularly. Information listed in the CIP often evolves based on funding availability and the project details, including timeline and value, are subject to change. The content management team will continue to pursue additional details as they become available.