Goldbelt’s Role in the Eaglecrest Gondola and in Juneau’s Future

By McHugh Pierre

For generations, Eaglecrest has been part of the fabric of Juneau. It is more than a ski area. It is a place where families gather, where lifelong memories are made and where residents and visitors alike experience the outdoors that make Southeast Alaska unique. Having access to year-round recreation and outdoor amenities is part of what makes Juneau such a special place to live.

That is one reason Goldbelt chose to participate in the Eaglecrest gondola project.

As Juneau’s urban Alaska Native corporation, Goldbelt has been invested in the future of this community for more than 50 years. Our responsibility to Juneau and Southeast Alaska is not temporary. Our shareholders live here, raise families here, build businesses here and care deeply about the future of the place we all call home.

When the opportunity arose to partner with the City and Borough of Juneau on the gondola project, Goldbelt viewed it as an opportunity to invest in both our shareholders and the long-term vitality of the community.

For Goldbelt, the gondola was never simply about a lift system. It represented an opportunity to support year-round recreation, economic activity and community amenities that contribute to the quality of life people value in Juneau. Like many residents, our shareholders care deeply about maintaining access to the outdoor experiences, recreation opportunities and community assets that help keep Juneau strong for future generations.

To understand Goldbelt’s role, it is helpful to understand how Alaska Native corporations operate.

Under the Alaska Native Claims Settlement Act, or ANCSA, Alaska Native corporations were created to provide long-term economic opportunity and stewardship for the benefit of Alaska Native shareholders, their descendants and family members. Unlike reservation systems in the Lower 48, ANCSA corporations operate as shareholder-owned businesses with a broad responsibility to promote the health, education and welfare of our shareholders, their descendants and family members through investment, development and stewardship of our assets.

That responsibility shapes every investment decision we make.

Our obligation is to steward resources responsibly while also supporting the communities where our shareholders live and work. Those responsibilities are not separate. They are deeply connected.

In 2023, Goldbelt invested $10 million in the Eaglecrest gondola project through a revenue-sharing agreement tied to future project operations. The agreement was intentionally structured at approximately 7%, below many alternative investment opportunities available at the time.

That decision reflected a balance between two responsibilities: stewarding shareholder resources responsibly while supporting a project that leaders believed could create lasting value for the Juneau community. The goal was not simply to maximize financial return. It was to make a disciplined investment that aligned shareholder interests with community benefit.

In other words, Goldbelt chose to support a community-focused project under terms that reflected both our commitment to Juneau and our responsibility to shareholders.

It is also important to understand what Goldbelt’s role was — and was not.

The gondola project has always been owned and led by the City and Borough of Juneau through Eaglecrest. Goldbelt’s role was solely as a financial partner. Goldbelt did not control project management, construction costs, design decisions or decisions regarding the project’s future.

As project costs increased and circumstances changed, Goldbelt worked with the City to explore potential paths forward while remaining mindful of our responsibility to shareholders.

That included exploring alternatives beyond direct cash repayment, including repayment through land. Goldbelt expressed openness to solutions that could reduce immediate financial pressure on the City while also creating long-term economic value for both the community and our shareholders. Those discussions reflected a desire to identify constructive paths forward, even as circumstances surrounding the project evolved.

Ultimately, the parties agreed to conclude the arrangement through cash repayment of Goldbelt’s investment and termination of the agreement.

While the project ultimately took a different path than originally envisioned, Goldbelt remains proud to have supported an effort intended to benefit Juneau.

At its core, this conversation is about more than a gondola.

It is about how communities invest in their future. It is about balancing recreation, economic opportunity, infrastructure and long-term sustainability. It is about finding ways for community benefit and responsible development to work together rather than compete with one another.

Goldbelt’s future is directly tied to Juneau’s future. Our shareholders live here. Our employees live here. Our headquarters are here. The success of our corporation is connected to the success of this community.

That is why we continue to approach investments with a long-term perspective rooted in stewardship, responsibility and partnership.

Juneau faces important conversations in the years ahead about housing, transportation, recreation, economic diversification and infrastructure. Goldbelt intends to remain an active participant in those discussions as a committed community partner.

The conversation surrounding the gondola has at times focused on what separates us. We believe it is more important to focus on what unites us: a shared commitment to Juneau’s future.

Goldbelt remains committed to collaboration, thoughtful investment and responsible stewardship. We believe the strongest future for Juneau will be built through partnership, shared purpose and a collective commitment to preserving what makes this community special for generations to come.

Author bio: 
McHugh Pierre is President and CEO of Goldbelt, Inc., Juneau’s Alaska Native corporation. Goldbelt is rooted in the traditional homelands of the Áak’w Kwáan and T’áaku Kwáan and serves more than 4,000 shareholders, the mojority of whom are Alaska Native heritage.

FAQs:

• Did Goldbelt own or control the Eaglecrest gondola project?
  • No. The project was owned and led by the City and Borough of Juneau through Eaglecrest. Goldbelt participated solely as a financial partner.  CBJ, through Eaglecrest, owned the project and made all management decisions.
• What was Goldbelt’s role?
  • Goldbelt invested $10 million in 2022 through an agreement tied to the proposed gondola project. Goldbelt did not manage or control the project.
• Why did Goldbelt participate?
  • Goldbelt saw the project as an opportunity to support year-round recreation, economic activity and community amenities while making a disciplined investment aligned with long-term shareholder and community interests.
• Was Goldbelt responsible for project cost increases?
  • No. The City and Borough of Juneau, through Eaglecrest, owned and managed the project. Goldbelt was not responsible for project cost increases.
• Why were the investment terms structured differently than a typical investment?
  • The agreement was structured to achieve a 7% return, which was below market-rate returns available through many other investment opportunities at the time. Goldbelt believed the project had the potential to benefit both shareholders and the broader Juneau community, and the terms reflected an effort to balance responsible stewardship of shareholder resources with support for a community-focused project.
• Did Goldbelt expect to earn revenue from the project?
  • Yes. The agreement included a revenue-sharing component tied to future gondola operations that would have repaid Goldbelt’s principal investment plus a return. However, because the project did not become operational, that revenue was never realized.
• Did Goldbelt make money on the gondola project?
  • No. Goldbelt did not receive revenue from gondola operations. The City ultimately repaid the principal investment, and the original agreement was terminated.
• Did Goldbelt work with the City when project challenges emerged?
  • Yes. Goldbelt extended its original agreement by one year and remained open to discussions about potential solutions as the City evaluated next steps.
• What happened in the end?
  • After reevaluating the project, the City repaid Goldbelt’s $10 million investment and the agreement was terminated.
• Is Goldbelt still financially involved in the gondola project?
  • No. Following repayment and termination of the agreement, Goldbelt no longer has a financial role in the project.
• What is Goldbelt’s approach moving forward?
  • Goldbelt remains committed to responsible stewardship of shareholder resources, constructive partnerships and investments that support both shareholder value and the long-term success of the Juneau community.  Goldbelt continues to be open to partnering with CBJ on future projects.
• Why does Goldbelt emphasize its role as an ANCSA corporation?
  • Under the Alaska Native Claims Settlement Act (ANCSA), Goldbelt’s mission goes beyond financial goals.  Our mission includes stewardship of our assets, the health and welfare of our stakeholders, and the health of our community.  That responsibility guides how Goldbelt evaluates investments, partnerships and opportunities that can create lasting value for future generations.