Finances for Stevens, Young change little

Posted: Tuesday, June 17, 2003

WASHINGTON (AP) The financial condition of Alaska's two longtime members of Congress changed little in the past year, though Sen. Ted Stevens probably joined the Senate millionaire's club.

Stevens and Rep. Don Young, R-Alaska, reported their income and investments in reports filed in May and released Friday.

Disclosure reports require lawmakers to report a range, rather than precise numbers.

Stevens has been a senator since 1968. The Capitol Hill newspaper Roll Call this year estimated his worth at about $1.4 million, which would make him the 37th most well-to-do member.

Stevens invested between $115,000 and $300,000 a few years ago in two Anchorage real estate ventures, called Centerpoint I and II. In the disclosure forms, he valued the assets at $500,000 to $1 million.

''As a matter of fact, I've done very well at a couple things,'' Stevens told the Fairbanks Daily News-Miner and other Alaska media Friday.

He attributed the success to good managers and said he does not participate in any decisions.

Anchorage attorney and real estate developer Jonathan Rubini and his partner Leonard Hyde are principal stock owners in the company.

State records indicate Anchorage real estate manager Stuart Bond owns about a seventh of the stock in Centerpoint I. About 13.5 percent of the stock in Centerpoint I is owned by two Native corporations, the Koniag Development Corp., a subsidiary of the Kodiak regional corporation, and Tanaq Corp., the village corporation from the Pribilof Island village of St. George. Stevens is not listed as a stock owner.

Stevens also has assets of $250,000 to $500,000 in JLS Properties, another Rubini-Hyde partnership that owns Fairbanks property.

A fourth partnership with the pair gives Stevens a share, worth $15,000 to $50,000, of Jillian Square Apartments in Fairbanks. Other investors in Jillian Square are Koniag, The Kuskokwim Corp., formed by mid-river villages, and another company owned by Bond.

Stevens said Friday that his family finances have improved this year mostly due to his wife's decision to increase her work schedule. Catherine Stevens, an attorney, works for Mayer, Brown, Rowe and Maw, a Chicago-based firm. Reporting a spouse's salary is not required.

Rep. Don Young's finances also have changed little since last year. He reported a few bank and investment accounts, the largest of which ranges from $100,000 to $250,000. He also owns property in Goldstream Valley northwest of Fairbanks, but reported no rental income from it.

Sen. Lisa Murkowski, as a new member, reported her personal financial details in April.

Her largest investment, worth between $500,000 and $1 million, is in New Frontier Ventures, a limited-liability corporation with her husband and parents, Gov. Frank and Nancy Murkowski. It owns a building at Third Avenue and E Street in Anchorage, across from the Hilton hotel.

Each member of the House and Senate will earn $154,700 this year.

Young continues to serve as a director of the National Rifle Association. Stevens is a member of the Kennedy Center for the Performing Arts in Washington.

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