Valley residents help AIDEA succeed

The news this past week of appointments to the board of directors of the Alaska Energy Authority (AEA) and Alaska Industrial Development and Export Authority (AIDEA) means the Valley retains a voice in the direction of this important state agency.

Gov. Sean Parnell on Thursday announced the appointment of local businesswoman Crystal Nygard to one of the board’s three open seats. Nygard, of Wasilla, is the owner of Managing Recruiters of Palmer. She is a longtime small business advocate and co-founder/CEO of the Mat-Su Business Alliance, a business advocacy organization formed a few years ago.

She takes over for another Valley resident — borough assemblyman Ron Arvin — who served on the joint board of directors since February 2011.

The significance of seats at this particular board table cannot be overstated. The Alaska Energy Authority works to promote, develop and advance the general prosperity and economic welfare of the people of the state by providing a means of financing and operating power projects.

The multibillion-dollar Susitna-Watana hydroelectric project, which holds the promise of cheap, abundant, reliable energy for generations to come, is being overseen by AEA.

AIDEA’s mission is no less relevant. The agency acts as a funding resource for a variety of projects designed to promote economic growth and diversity.

Notable AIDEA successes like the FedEx Maintenance Facility in Anchorage, Skagway Ore Terminal, Ketchikan Shipyard and DeLong Mountain Transportation System near Kotzebue stand as shining examples of how just the right amount of government involvement can make all the difference. These projects have helped keep the state’s economic engine running soundly by providing good jobs and economic well-being to residents.

They also have provided a strong foundation for continued growth. In 2012, AIDEA’s net assets increased by more than $36 million, and Standard and Poor’s upgraded AIDEA’s bond rating from AA- to AA+.

Based on another strong year, the board declared a $20.7 million dividend to the state. The 2012 dividend increased to $345 million the amount that AIDEA has returned to the state since its inception.

We would be remiss in our local gloating if we neglected to note that $121.6 million of that total has come in the last five years, since another Valley resident, Ted Leonard, was named executive director of the organization. Leonard’s record of success should be no surprise to Wasilla residents, who benefited for years from his financial acumen while he served as director of finance and administrative services for the city.

So hats off to AIDEA and the local folks who contribute to its success. It is encouraging to know that the agency is in good, capable hands.

• Alaska Industrial Development and Export Authority aidea.org.

• Alaska Energy Authority: akenergyauthority.org.

Since its inception in 1985, AIDEA has:

• Returned $345 million to the state.

• Created and retained 1,647 jobs.

• Issued $1.3 billion in revenue bonds.