(SitNews) Ketchikan, Alaska - Ketchikan Indian Community General Manager, Debbie Patton, has announced the purchase of the Wells Fargo Building located in downtown Ketchikan at 306 Main Street from David and Renee Brown who have owned the building since 2002.  The transaction closed Tuesday May 1st.  The purchase price was not disclosed.

Patton said this is a good long term income producing investment for Ketchikan Indian Community and continues with our intention of preparing for the inevitable federal budget cuts.  KIC’s goal is to continue the high level of service to its members.  The prudent course of action is to insure funding for our various programs by moving into conservative income producing enterprises, Patton said.

Wells Fargo Building located in downtown Ketchikan at 306 Main Street
Photo courtesy Google Maps

Bobby Jackson, owner of Gateway City Realty, handled the transaction.  The Department of Interior’s Office of Energy and Economic Development assisted the Tribe in securing financing through First National Bank Alaska. 

“Helping Alaskans succeed is our area of expertise,” said First National Bank Alaska Vice President Luke Fanning.  “We are proud to have the financial strength and resources available locally to help businesses and Tribal Governments such as KIC.”

The Wells Fargo building which has over 26,000 square feet of commercial rental space has been a cornerstone of the downtown business district for over 90 years. Construction of the building started in 1920 and officially opened as the Miners and Merchants Bank building in April of 1921 according to a feature article that appeared in SitNews by June Allen. 

Ketchikan Indian Community (KIC) is a federally recognized Indian Tribe, incorporated in 1940 under Section 16 of the Indian Reorganization Act of 1934, as amended for Alaska in 1936.

According to information provided on the KIC website, Ketchikan Indian Community serves a membership of over 5,700 Alaska Native and American Indians through the Bureau of Indian Affairs (BIA) and Indian Health Service (IHS) programs.

An eight-member Tribal Council, elected by the KIC membership, serves as the governing body and sets policy for programs and administration. KIC currently represents the largest Tribal membership in Southeast Alaska.

Edited by Mary Kauffman, SitNews

Source of News: 

Ketchikan Indian Community
www.kictribe.com

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