The Division of Capital Investment guaranteed two loans between 2004 and 2015 totaling $37,000,000 which was used for renovation, construction of a deep water dock, uplands improvement for access and utilities, construction of several accessory buildings, and refinancing of an existing debt.
Several seasonal and year-round jobs were created during construction. Operation of all entities has created a sustained workforce for tourism and shipping employment.
Details
Date of Commitment: 2004 and 2015
Type of Service: Loan Guarantee
Lender: Northrim Bank and Alaska Pacific Bank
Borrower: X’una Kaawu Annee Corporation
Project: Construction of deep water dock, accessory buildings, and utilities at Icy Strait Point
Financing Amount: $37,000,000 (from 2004-2015)
Location: Hoonah, Alaska on Chichagof Island
Description
The Huna Totem Corporation Inc. (HTC) was formed under the terms of the Alaskan Native Claims Settlement Act (ANCSA) for almost 1400 shareholders with cultural ties to Hoonah, Alaska. Their borrower, X’una Kaawu Annee Corporation (XKA), is a wholly owned subsidiary of HTC.
XKA is a real estate holding company for the land and facilities titled Icy Strait Point (ISP), located in Hoonah, Alaska on Chichagof Island. The site was a former salmon cannery purchased by HTC in 1996.
The Division of Capital Investment guaranteed two loans between 2004 and 2015 totaling $37,000,000 which was used for renovation, construction of a deep water dock, uplands improvement for access and utilities, construction of several accessory buildings, and refinancing of an existing debt. Several seasonal and year-round jobs were created during construction. Operation of all entities has created a sustained workforce for tourism and shipping employment.
The new deep water dock provides safe and efficient embarking and disembarkation, greater convenience to tourism, and decreased passenger anxiety in inclement weather.
ISP is Alaska’s only privately owned cruise ship destination, located 35 miles west of Juneau in Hoonah, Alaska. ISP caters to cruise ship guests and offers a unique port for those traveling with Royal Caribbean, Celebrity, Norwegian, Holland America, Princess, Oceania, and Regent Seven Seas cruise lines.
The new dock will serve other vessels when it is not being used by cruise ships, including Alaska Marine Highway Ferries, U.S. Coast Guard vessels, large yachts waiting for access to Glacier Bay, freight barges, and other vessels waiting out winter storms before crossing the Gulf of Alaska.
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