Executive Director’s Message - 2023 Annual Report
Executive Director’s Message
As we look forward to 2024, it is important to consider one of the largest financial events that transpired in 2023. That event was the sale by ACDA of the 716 building to the municipality. This transaction was important, as it provided working capital for the corporation and returned the authorities' ability to issue bonds for development projects. While this event was positive overall for the corporation, it will affect our cash flow for 2024 by $1.7M. Management is confident it will overcome this reduction and deliver a balanced budget.
ACDA operates EasyPark providing both on-street and off-street parking services for the downtown area. With parking increases from 2023 expected to continue into 2024, management believes that both on and off-street parking revenue should be at or above 2019 levels by the end of 2024. The return of the workforce and the increased use of downtown as a hub for restaurants, shopping, and the arts will further drive that recovery.
Additional highlights that will influence the Corporation in 2024 include.
- Break ground on Block 102 mixed-use development.
- Legislative activity to increase tools for developers at the Assembly and State level
- Continued development of relationships with HLB, Real estate Services and Building Services departments within the Municipality.
- The start of construction on the $70 million dollar 6th Avenue project.
- Continued focus on economic development, working with AEDC, Anchorage Chamber, and other stakeholder groups.
- Support for the Powder Ridge west development in Eagle River.
- Pursuit of economically feasible projects inside and outside the downtown corridor.
- EasyPark will continue to operate clean, safe, and value-added garages.
- Leveraging existing assets and relationships to bring affordable and market-rate housing online.
- Brownfield Grant Program partnership.
- Establishment of the Anchorage Community Development Trust 501C-3.
- Code update for EasyPark.
- Facade Improvement Loan Program.
- Emphasis on a Balanced budget
- Continued pursuit of operational efficiencies that will hold down growth in expenses.
- Implementation of new branding for ACDA and EasyPark.
On behalf of the team at ACDA, we are proud of the work we have done over the last year, and we look forward to building our City’s future together.
Mike W. Robbins
Executive Director
