RESOLUTION NO. 3779

A RESOLUTION

of the Port Commission of the Port of Seattle adopting

the final budget of the Port of Seattle for the year 2021;

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 2021.

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

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

reach these goals; and

Item No. 10b_reso

Meeting Date: November 17, 2020

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 20

day of October, 2020, provided

the preliminary 2021 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 10

day

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

2021 Budget; and

WHEREAS,

a public hearing on the preliminary 2021 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 10

November, 2020, at 12 p.m.; and

WHEREAS,

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

present objections to the preliminary 2021 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 5

day of October, 2020, that the regular levy assessed value of the property lying

within the boundaries of the Port of Seattle district ("Port District") for the year 2020 is

$644,507,098,445 (after omitted assessments); and

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

the

day of October, 2020, that the maximum allowable levy is $108,203,198 including

$107,070 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 2021 Budget, as updated and amended at the November 10, 2020, Port

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

of November, 2020, is hereby adopted as the final budget of the Port of Seattle for the Year

2021. 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 $78,676,344 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, 2021, 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 2021 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

day of November, 2020, 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