ALASKA'S NEWSPAPER

| Updated: 7:28 PM

Authority to participate in business loans

The Alaska Industrial Development and Export Authority board recently approved participating in three business loans originated by banks for projects located in Anchorage and Wasilla, the state agency said:

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• A $6 million loan to to B&L Motels Inc., a Kansas corporation that owns and operates eight hotels in Alaska, Washington, Arizona, Colorado and Kansas. The loan is to refinance debt and provide long-term financing for a newly built 79-room Comfort Suites hotel at 2919 W. International Airport Road in Anchorage. AIDEA's share of the loan is $5.4 million, with First National Bank Alaska financing the rest.

• A $3 million loan to LINA LLC of Anchorage, for long-term financing of a newly built six-bay Alaska Laser Wash at 4708 Old Seward Highway in Anchorage. AIDEA is financing $2.699 million while Northrim Bank is handling the rest.

• A $1.031 million loan to Wasilla Center Development of Anchorage -- long-term financing for a recently built 9,000-square-foot commercial office and retail building at 611 S. Knik Goose Bay Road in Wasilla. AIDEA is providing $928,125 of the loan with First National financing the rest.

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