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Resolution No. 3830

Item Number: 10a reso

Meeting Date: November 12, 2024

PORT OF SEATTLE

RESOLUTION NO. 3829

A RESOLUTION

of the Port Commission of the Port of Seattle adopting the

final budget of the Port of Seattle for the year 2025;

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 2025.

WHEREAS,

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

opportunity for all, steward our environment 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 in order to reach these goals;

and

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Resolution No. 3830

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 22nd day of October, 2024,

published the preliminary 2025 Budget of the Port of Seattle on the Washington Public Ports

Association (WPPA) website due to temporary outage of the Port of Seattle website and, on the

24th day of October, 2024, made hard copies available to the public; and on the 30

of October

and 6

of November, 2024, published the Notices of the public hearing of the preliminary 2025

Budget to consider adoption of a final budget, with public hearing to be heard on the 12th day of

November, 2024, when taxpayers might appear and present objections to the preliminary 2025

Budget; and

WHEREAS,

a public hearing on the preliminary 2025 Budget was held in-person 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, 2024, at 12 p.m.; and

WHEREAS,

all parties present at said hearing would be afforded a full opportunity to

present objections to the preliminary 2025 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 26th

day of September, 2024, that the preliminary regular levy assessed value of the

property lying within the boundaries of the Port of Seattle district ("Port District") for the year

2024 is $857,405,377,651 (after omitted assessments); and

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

day of September, 2024, that the preliminary maximum allowable levy is $117,853,258, including

$278,937 levy for prior year refunds, and the Port intends to retain this levy capacity; and

WHEREAS,

the Port has outstanding General Obligation bonds due in 2025 and has a

General Obligation line of credit, for the payment of the principal and interest on such

indebtedness in 2025 the entire amount of the levy is required to be available to the Port.

NOW, THEREFORE, BE IT RESOLVED

by the Port Commission of the Port of Seattle

that the preliminary 2025 Budget, as updated and amended at the November 12, 2024, Port

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

of November 2024, is hereby adopted as the final budget of the Port of Seattle for the Year 2025.

Said final budget includes the statutory budget required under RCW 53.35.040. The final budget

shall be made available to the public on the Port of Seattle website or the WPPA 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 and line of credit, if any, and, as available, 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.

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Resolution No. 3830

BE IT

FURTHER RESOLVED

hat the King County Council, State of Washington, be

notified that the specific sum herein mentioned being a total of $88,389,944 is necessary to be

raised

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

Obligation Bonds and line of credit, if any, 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, 2025, 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 2025 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

19th day of November 2024, 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