Juneau Assembly has an opportunity to turn a liability into a huge asset

A line at the Ptarmigan lift at Eaglecrest Ski Area on Saturday, Jan. 17, 2026. (Mark Sabbatini / Juneau Independent)

By Tom Williams

Opportunity is defined as “a favorable or advantageous circumstance or combination of circumstances.” That is exactly what the CBJ Assembly has in front of it. The question is, will they be wise enough to take it or will they squander it.

The Assembly has the opportunity to take a liability and turn it into a huge asset; one that, instead of costing the CBJ millions of dollars now and in the long term, will save the CBJ millions of dollars now and generate millions of dollars in the long term. Not only would it be a wise decision for CBJ finances, it will result in substantially improved service to a large portion of Juneau’s residents, including our youth.

Why would the Assembly even consider squandering an opportunity like that? It seems almost inconceivable that they would. But at its May 18 meeting they are facing a decision that would be the first step in squandering such an opportunity. However, there is still time for at least five CBJ Assembly members to reverse direction and take advantage of a once-in-a-generation or longer opportunity.

What is that opportunity? Eaglecrest, of course, and Goldbelt Inc.’s possible willingness to buy it, rebuild its deteriorated and inoperable facilities, substantially improve its facilities, operate it year-round generating millions of dollars in tax revenues and continue to provide an extremely valuable recreational winter activity for our young and adult population. 

Can anyone make a reasonable case why the Assembly should squander such an opportunity? I certainly can’t and I can’t believe anyone else can with a straight face. 

Eaglecrest’s current business model operating only during the winter months by CBJ employees is financially unsustainable and has been since its inception. It has required significant subsidies every year. This year alone Eaglecrest requested the same $930,000 allocation as recent years, plus up to $2.7 million more, which the Assembly cut to about $800,000. As a result of mismanagement or possibly underfunding, the broken Black Bear lift had to be shut down the past two years. The lodge is in substantial disrepair and the CBJ significantly underestimated the cost to install a gondola that the CBJ already purchased.

In short, the CBJ has not been able to competently manage and operate Eaglecrest, even with large taxpayer-funded subsidies and a cooperative funding agreement.

While the CBJ appears to recognize that they can’t proceed as planned, the manager’s solution is to cut and run, taking a significant loss on the sale of the gondola and repaying Goldbelt a reported $12 million or more at a time when the Assembly is suggesting cutting the budget because they don’t have enough money.  The problem with this approach is that Eaglecrest will become a financial albatross, unviable as currently managed and operated, even if the Assembly throws more taxpayer money at it. It may even have to close in a few years.

Why would the Assembly choose this path? There are some reports that the city manager has stated it would be very difficult if not impossible for the CBJ to sell the land at Eaglecrest to Goldbelt. Based on my years of managerial and financial experience in both government and the private sector, virtually all such impediments to accomplishing a goal can be overcome if both parties have the will to find a solution, even if it takes time to do so. 

Even if the CBJ is not willing to put forth the effort to find a solution to transferring the land ownership, the CBJ could offer Goldbelt something like a 99-year renewable one-time cost lease that would allow Goldbelt to finance and own their new improvements, as well as the existing facilities, paying taxes on them. The point is that there is a way to accomplish Goldbelt’s assumption of Eaglecrest, provided the CBJ doesn’t demand a poison pill.  

In the meantime, the Assembly should forgo selling the gondola and repaying Goldbelt. Instead, the Assembly should direct the manager to immediately enter into serious and expedited negotiations for Goldbelt to acquire Eaglecrest, allowing Goldbelt to begin reconstruction of Eaglecrest’s facilities as early as the summer of 2027 and begin paying taxes.

Will the Assembly actually take advantage of this win-win-win opportunity for the community, the CBJ and Goldbelt, or will they simply squander it? 

• Tom Williams is a Juneau resident since 1977 who has been the CFO for two locally owned aviation companies, an auditor for the State of Alaska, a director of two Department of Revenue divisions and staff member for two Senate Finance Committee co-chairs.