RESOLUTION NO.

3627

A RESOLUTION of the Port Commission of the Port of Seattle

amending Resolution 3626, adding the City of

Newcastle to the list of cities from which the Port of

Seattle opted out as a participating taxing district in

proposed local revitalization areas pursuant to

Chapter 270, Laws of 2009.

WHEREAS, the Washington State Legislature enacted Chapter 270, Laws of 2009 (the

"Act"), which permits eligible local governments to create revitalization areas and allows them to

use certain increases in local property tax revenues generated from within

.the revitalization area,

including those otherwise accruing to

ather taxing districts with jurisdiction over the

revitalization area, to repay bonds issued to finance local public improvements within the

revitalization area; and

WHEREAS, on July 28,2009, the Port Commission adopted Resolution No. 3626, opting

out as a participating taxing district in the proposed local revitalization areas of the cities of

Auburn, Bellevue, Federal Way and Renton, as authorized under the Act; and

WHEREAS, on July 17, 2009, the City of Newcastle notified the Po:? "Lhat

intellcis

declare a revitalization area under the Act, but this notice did not come to the attention of the

appropriate Port staff until after adoption of Resolution No. 3626; and

WHEREAS, the notice from the City of Newcastle informed the Port that the earliest

possible date for the City Council adoption of an ordinance establishing a Local Revitalization

Area would be August 25,2009.

NOW, THEREFORE, BE IT RESOLVED by the Port Commission of the Port of Seattle

that:

Section

Port Commission Resolution No. 3626 is hereby amended to add the City

of Newcastle to the list of cities from which the Port of Seattle opted out as a participating taxing

district in proposed local revitalization areas pursuant to Chapter 270, Laws of 2009.

Section 2.

Resolution No. 3626, as amended, is attached as Exhibit

to this

Resolution.

Section

The Port's Chief Executive Officer is hereby directed to implement the

provisions of Resolution No. 3626, as amended.

ADOPTED

by the Port Commission of the Port of Seattle at a regular meeting thereof, held this

day of r2009 and duly authenticated in open session by the signatures of

the Commissioners voting in favor thereof and the seal of the Commission.

GAEL

TARLETON

PATRICIA

RAW

Port Commission