The amphitheater is still under construction, but is now useable by the public. Fundraisers over the years have slowly helped expand and improve it. The Fairbanks Daily News-Miner has more on its history:
Construction of bench seating and a raised platform began in 1995, but funding ran out before a roof could be built for the structure.
From 2002-2006, the UA College of Fellows hosted “Goodies in the Garden,” an annual dessert party to raise money for the roof fund, but the fundraiser has since dissolved.
...[T]he project, which...will take another $30,000 to complete, will create a space that can be used for concerts, educational programs and other events that are currently unfeasible.