Item Number: ___ 10a reso______

Meeting Date: November 18, 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

day of October, 2025, made hard copies available to the public; and on

the 30

of October and 6

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

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 and

has a General Obligation line of credit, 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

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 Commission