The Port of Seattle Commission approved a five-year capital development plan to invest $348 million. in order to improve the economic and environmental vitality of Seattle’s working waterfront.
On Tuesday, the Port of Seattle Commission approved its 2019 budget and its 2019-2023 future budget blueprint. The five-year capital development plan outlines the Port’s blueprint to invest $348 million to maximise the economic and environmental vitality of Seattle’s working waterfront in the face of significant industry changes.
Our aviation and maritime industries are among this region’s most recognisable and reliable sources of opportunity.
Port of Seattle Commission President Courtney Gregoire stated.
The 2019-2023 budget blueprint advances more than 20 key maritime and economic development projects to maintain Port assets, advance maritime industries, and invest in communities and the environment between 2019-2023.
Highlights of projects in the $348 million five-year budget blueprint include:
- $100 million for a new cruise berth (assumes 50 percent tenant cost share)
- $39 million for development of Terminal 91 uplands
- $35 million for berth replacement at Terminal 91
- $30 million for bringing electrical power to the waterfront
- $23 million for Fishermen’s Terminal Gateway Building
- $17 million for a Terminal 117 habitat restoration program
Through the Northwest Seaport Alliance, the Port will invest $340 million for the redevelopment of Terminal 5 to handle ultra-large container vessels.
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Under the plan, median household property tax payment to the Port would increase by $1.39, going from $68.80 per year in 2018 to $70.20 per year in 2019. In 2018, of the $5.6 billion that King County collected in property taxes, just 1.3 percent went to the Port of Seattle. The property tax levy made up less than five percent of the Port’s cash revenue in 2018.
According to Port of Seattle, the five-year budget blueprint allows the port to plan its longer-term investments. Individual projects included in the five-year budget blueprint still receive further public discussion and require Commission authorisation prior to construction.
