- Associated Press - Thursday, September 11, 2014

JUNEAU, Alaska (AP) - A gift to the Juneau Community Foundation from the former president of the city’s power utility will be about $48 million.

Alaska Electric Light & Power owner Bill Corbus and his wife, Katie, in November promised to donate 90 percent of their shares in the company to the foundation that supports southeast Alaska charitable groups.

The Juneau power company was founded in 1896 and has been family-owned for decades.

Spokane, Washington-based Avista Utilities is buying Alaska Energy and Resources Co., the parent company of Alaska Electric Light & Power.

The Corbuses in November said it was fitting to donate a major portion of the proceeds to the Juneau community.

The foundation says the donation will be used to establish five endowed funds, a donor-advised fund, and directed grants.

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Information from: Juneau (Alaska) Empire, http://www.juneauempire.com

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