RESOLUTION NO. 3751, as amended

A RESOLUTION of the Port Commission of the Port of Seattle adopting the final

budget of the Port of Seattle for the year 2019; making,

determining, and deciding the amount of taxes to be levied

upon the current assessment roll; providing payment of bond

redemptions and interest, cost of future capital improvements

and acquisitions, and for such general purposes allowed by law

which the Port deems necessary; and directing the King

County Council as to the specific sums to be levied on all of

the assessed property of the Port of Seattle District in the Year

2019.

WHEREAS, the Port of Seattle in the Century Agenda commits to create economic

opportunity

for all, steward our environmental responsibly, partner with surrounding communities,

promote social

responsibility, conduct ourselves transparently, and hold ourselves accountable; and

WHEREAS, the Port of Seattle's Century Agenda outlined goals of meeting current demand as a

business gateway and tourism hub for the region, and further expressed the need to anticipate future

growth of the region and to prepare for the ensuing demand for cruise, maritime, and aviation all for the

economic benefit of the region; and

WHEREAS, The Port of Seattle Commission is committed to the responsible stewardship of

public tax revenue, financial transparency, and an open budget process; and

WHEREAS, The Port of Seattle and its Commission are committed to making strategic

investments necessary to promote a thriving maritime and industrial economy and recognize that

increasing pressure on industrial lands and freight corridors in the region threatens the viability of this

sector; and

WHEREAS, The long-term viability of the maritime and industrial sector is dependent on a

robust and well trained workforce and the sector is facing both an aging workforce and a limited influx of

trained younger workers to replace those approaching retirement and the need to strengthen training and

pathways into the sector; and

WHEREAS, The Port of Seattle Commission is committed to reducing our carbon footprint by

investing in solutions to become the "greenest" and most efficient port in the nation. We are further

committed to assisting and incentivizing those we do business with in order to reach these goals; and

Item No. 8a

Meeting Date: November 13, 2018

WHEREAS, the Port of Seattle Commission has determined that the mission of the Port is to

create good jobs in the region by advancing trade and commerce, promoting manufacturing and maritime

growth, and stimulating economic development; and

WHEREAS, the Port of Seattle Commission, on the 25

day of October, 2018, provided the

2019 Preliminary Budget of the Port of Seattle to the public and provided for the publication of Notice of

Budget Hearing to consider adoption of a final budget, to be heard on the 13

day of November, 2018,

when taxpayers might appear and present objections to the 2019 Preliminary Budget; and

WHEREAS, a public hearing on the 2019 Preliminary Budget was held in the Port Commission

Chambers, pursuant to notice duly given, in the City of Seattle, County of King, State of Washington, on

the 13

of November 2018, at 1 p.m.; and

WHEREAS, all parties present at said hearing were afforded a full opportunity to present

objections to the 2019 Preliminary Budget, and the Port Commission being duly advised in the premises;

and

WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle on the

day of October, 2018, that the regular levy assessed value of the property lying within the boundaries

of the Port of Seattle district ("Port District") for the year 2018 is

$602,029,823,670 (after omitted assessments); and

WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle on the

day of October, 2018, that the maximum allowable levy is $104,150,512 including

$157,107 levy for prior year refunds and the Port intends to retain this levy capacity;

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

the 2019 Preliminary Budget, as updated and amended at the November 13, 2018 Port Commission

hearing, and as may have been further amended by the Port Commission on this 27

of November, 2018,

is hereby adopted as the final budget of the Port of Seattle for the Year 2019. Said final budget includes

the statutory budget required under RCW 53.35.040. A copy of the final budget shall be made available to

the public on the Port of Seattle website.

BE IT FURTHER RESOLVED, that the amount of taxes to be levied by the Port of Seattle on

the current assessment rolls to provide for payment of bond redemption and interest on the Port of Seattle

General Obligation Bonds, for future expenditures for acquisitions and capital improvements and for such

general purposes allowed by law which the Port deems necessary be set and deposited is still pending

commission approval.

BE IT FURTHER RESOLVED, that the King County Council, State of Washington,

be notified that the specific sum herein mentioned being a total of $74,160,000 is necessary to be

raised by taxation to meet the payment of bond redemption and interest on Port of Seattle

General Obligation Bonds, of future expenditures for acquisitions and capital improvements, and

of costs for such general purposes allowed by law which the Port deems necessary, as set forth

for the period January 1, 2018 and thereafter; that said King County Council be respectfully

requested to make a levy in said amount for the aforesaid purposes.

BE IT FURTHER RESOLVED, that the above is a true and complete listing of levies

for the Port District for collection in the year 2019 and they are within the maximums

established by law.

ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting

held this 27

day of November, 2018, and duly authenticated in open session by the signatures

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

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Port Commission