City Advances Land Sale to Native Village of Eyak for Cultural Center
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Description
The City of Cordova is considering Ordinance 1238 to authorize a $700,000 Purchase & Sale Agreement with the Native Village of Eyak for downtown Lots 19–25, Block 6, Original Townsite to develop a new cultural center and museum. The agreement outlines a 15‑year development schedule, liquidated damages for delays, and an option for the tribal buyer to return the property to the City if substantial completion is not achieved.
Contract Details
Contract Amount
$700,000
Vendor
NATIVE VILLAGE OF EYAK
Agency
City of Cordova, AK
Contract Type
FACILITIES
Document Date
April 1, 2026
Contract Term
Development schedule up to 15 years for substantial completion per Exhibit C; right of first refusal remains until structure substantially completed
Renewal Info
Purchase & Sale Agreement requires substantial completion of the proposed structure within 15 years, with $50,000 per year liquidated damages for missed deadlines or an option for NVE to surrender the property back to the City in original condition; City retains right of first refusal until substantial completion.
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