Item Number: ___ 10a reso_____
Meeting Date: November 11, 2025
PORT OF SEATTLE
RESOLUTION NO. 3839
A RESOLUTION
of the Port Commission of the Port of Seattle adopting the
final budget of the Port of Seattle for the year 2026; 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 2026.
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
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 21st day of October, 2025,
published the preliminary 2026 Budget of the Port of Seattle on the Port of Seattle website
and, on the 23
rd
day of October, 2025, made hard copies available to the public; and on the
30
th
of October and 6
th
of November, 2025, published the Notices of the public hearing of the
preliminary 2026 Budget to consider adoption of a final budget, with public hearing to be
heard on the 11th day of November, 2025, when taxpayers might appear and present
objections to the preliminary 2026 Budget; and
WHEREAS,
a public hearing on the preliminary 2026 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 11
th
of
November, 2025, at 12 p.m.; and
WHEREAS,
all parties present at said hearing would be afforded a full opportunity to
present objections to the preliminary 2026 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 2nd
day of October, 2025, 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 2025 is $903,668,185,867 (after omitted assessments); and
WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle
on the 2nd
day of October, 2025, that the preliminary maximum allowable levy is
$120,240,072, including
$
413,783 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 2026 for the
payment of the principal and interest on such indebtedness in 2026 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 2026 Budget, as updated and amended at the November 11, 2025,
Port Commission hearing, and as may have been further amended by the Port Commission on
this 18th of November 2025, is hereby adopted as the final budget of the Port of Seattle for
the Year 2026. 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.
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.
BE IT
FURTHER RESOLVED
t
hat the King County Council, State of
Washington, be
notified that the specific sum herein mentioned being a total of $90,180,054
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, 2026, 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 2026 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 18th day of November 2025, 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 Commission
