Price tag for Anchorage port project nears $2B

The potential cost of a major modernization project at the city's Port of Alaska has nearly doubled, rising from earlier estimates of just over $1 billion.

Port officials presented revised cost estimates for the work Thursday, during a meeting of the Anchorage Assembly's Enterprise and Utility Oversight Committee.

During a slide presentation, the initial figure of nearly $1.08 billion was updated to a revised cost estimate of just under $1.93 billion.

Municipal Manager Bill Falsey said the price tag for work at the port exceeds what the city has available.

"So if no one gives us money, be prepared: we're going to have to come up with some proposal to do this on our own," he said.

Assembly member Eric Croft, one of those present Thursday, expressed concern at the increased cost.

"Just short of $2 billion; we've got a lot of digging to do to say why didn't we know it would be this much," Croft said.

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