RESOLUTION
NO.
3626
A
RESOLU'VION
of the Port Co~nmission of the Port of Seattle removing the
Port of Seattle as a participating taxing district in the Cities
of Auburn, Bellevuc,
Fedcral Way and Renton's proposed
Revitalization Area (s)
WIIEREAS,
the Washington State Legislature enacted Chapter 270, Laws of 2009 (the "Act"),
which permits eligible local governments to create
revilalization areas and allows them to use certain
increases in local property tax revenues generated from within the revitalization area, including
those
otherwise accruing to other taxing districts with jurisdiction over the revitalization area, to repay bonds
issued to I'inance local public
improvements
within thc revitalization arca; and
WI.IERI;AS: on June 26, 2009, the City 01'Bcllcvuc nolificd the I'ort of Seattle (the "Port") that it
intends to declare a revitalization area under
thc
Act; and
WI-lBREAS, on July
8,
2009. the City of Auburn notified the Port that it intends to dcclare
a
revitalization area under thc Act; and
WI-IIIREAS, on July 10,2009, the City of Renton notified the Port that it intends to consider
establishing two revitalization areas under
the Act; and
W1-IEREAS, on July 13, 2009, the City of Federal Way notified the Port that it intends to declare a
rcvitalization area under the Act; and
WHEREAS, the notices
from the City of Auburn
aiiri
the City of Bcllevue, each informed the Port
of its right
under the Act to opt out of the use of its property tax rcvenues for the local revitalization
financing of public
improvements
in the rcvitalization area proposed by the City of Auburn and the City
oSBcllevuc by adopting
a
resolution to that cffect and delivering notice of the I'ort's decision to opt out
as a participating taxing district in the local revitalization area
to the City of Auburn
dl?d
tfic
City of
Bellevue, together with a copy of the resolution, prior to August 3, 2009.
WHEREAS, the notice from the City of Federal Way informed the Port that
the earliest possible
date for City Council adoption of the proposed Coinmuility Revitalization Area would be August
4,
2009.
WIIF.I<I'.AS,
the noticc from thc City of Kenton informcd thc Port that the earlicst possiblc datc
for thc City Council adoption of ordinanccs cstabl~shing Community Rcvitalization ordinanccs would bc
August
17,
2009.
SO\\',
TIIERI~F'ORI, 13I; IT
RESOLVED
by the Port Com~nission of'thc Port ol'Scattlc that:
Scct~~n
I.
Thc Port cxcrciscs its right
undcr
thc Act to opt out as a participating taxing district
in
the following proposcd local revitalization arcas:
City of Auburn Rcvitalization Arca
City of Ilcllcvl~c Rcvitalization Arca
City of
Fcctcral n'ay Rcvitalization Area
City
of
Rcntori Rcvitalization Arcas
Scction
2,
The Port's Chicf Exccutivc Officcr is hcrcby dircctcd to dclivcr noticc of thc Port's
dccision to thc cities of Auburn. Bcllcvnc, Fcdcral Way and Rcnton, with a copy of this
Resolution,
prior to August
3,
2009.
l\DO1'l'K1)
by thc Port Commission of thc Port of Scattlc at a rcgula~. mccting thcrcof,
hcld this
,
2009,
and duly ;l~~thcnticatcd in open session by the
Port Commission
