RESOLUTION NO. 3763

A RESOLUTION

of the Port Commission of the Port of Seattle adopting the

final budget of the Port of Seattle for the year 2020;

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 properties

of the Port of Seattle District in the Year 2020.

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

Item No. 8a_reso

Meeting date: November 12, 2019

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 and we are

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

goals; and

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 22

day of October, 2019, provided

the preliminary 2020 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 12

day of

November, 2019, when taxpayers might appear and present objections to the preliminary 2020

Budget; and

WHEREAS,

a public hearing on the preliminary 2020 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 12

November, 2019, at 12 p.m.; and

WHEREAS,

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

objections to the preliminary 2020Budget, 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 1

day of October, 2019, that the regular levy assessed value of the property lying within the

boundaries of the Port of Seattle district ("Port District") for the year 2019 is

$636,879,445,421 (after omitted assessments); and

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

day of October, 2019, that the maximum allowable levy is $106,250,147 including $0 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 preliminary 2020 Budget, as updated and amended at the November 12, 2019, Port Commission

hearing, and as may have been further amended by the Port Commission on this 19

of November,

2019, is hereby adopted as the final budget of the Port of Seattle for the Year 2020. 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 band 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 $76,384,800 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, 2020, 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 2020 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 19

day of November, 2019, and duly authenticated in open session by the signatures of the Commissioners

voting in favor thereof and the seal of the Commission.

Port of Seattle Commissioners