ITEM NO:
DATE OF MEETING:

_____7a_supp_____
March 27, 2018

1980s

Waterfront and
Transportation
Investments
1

Condos
Marina
Hotel
Restaurants
WTC

Office Building
Parking
Conference Center
Cruise Terminal

2

Regional Transportation Investments

MAJOR PROJECTS
Alaskan Way Viaduct Replacement Project

$281M

Link Light Rail Extension

$110M

SR 519 Access

$13M

EMW Grade Separation

$22M

SR 518 Lane Expansion

$19M

Terminal Truck Access

$25M

Lander St Overpass

$15M

Heavy Haul

$20M

Safe & Swift - North Corridor

$5M

3

AGENDA
• Welcome & Introduction
• Waterfront Overview
• Budget
• Operations & Management

• Waterfront Local Improvement District
• Economic Value from Parks
• What is an LID?
• How Special Benefit Works
• Feasibility Study

• Q&A
4

5

6

7

WATERFRONT SEATTLE FUNDING

8

OPERATIONS AND MANAGEMENT
Maintenance approach
• Baseline: City departments
• Enhanced: Parks/Friends agreement
Programming and activation
Budget
• Seattle Parks District: $3.5M/year for Parks staff
• Friends of Waterfront Seattle: anticipated $1M+/year

9

PROJECT PUBLIC BENEFITS

10

"PROXIMATE PRINCIPLE"

11

HR&A VISITATION STUDY

1.5 million net new annual visitors: $191.3 million direct spending
12

LID PROCESS

13

SPECIAL BENEFIT STUDY AREA

14

SPECIAL BENEFIT

15

FEASIBILITY STUDY
•

Initial estimate of overall range of total special benefit to
determine feasibility

•

Does not include parcel-by-parcel analysis and is not used to
determine assessments.

•

Total estimated range in study area: $300-420 million

16

LID FORMATION PROCESS

17

QUESTIONS?

18

BACK POCKET

CONSTRUCTION SCHEDULE

20

WATERFRONT SEATTLE PROGRAM

21

22

SEAWALL AND PROMENADE

23

MOBILITY AND ACCESS

24

ACTIVE RECREATION

25

PIKE AND PINE STREETS
• Pike and Pine
streets, between
First Avenue and
Melrose Avenue
• Pedestrian and
streetscape
improvements
• Budget: $20 million
(all costs including
design, construction,
City costs)
• Funding Source:
Waterfront Local
Improvement
District, partner
projects
26

OVERALL WATERFRONT INVESTMENTS
(INCLUDING UTILITIES AND SEAWALL)

27

CASE STUDY:
MILLENIUM PARK (CHICAGO)

$1.4B of direct spending generated in park vicinity
28

INCREASE IN LOCAL
BUSINESS SALES
•

Doubles near streetscape improvements
100%
90%
80%
70%
60%

48%

50%
40%
30%
20%

22%
15%

7%

10%
0%

Improved

Not Improved
Year 1

Year 2
29