PORT OF SEATTLE
RESOLUTION NO. 3848
A RESOLUTION
of the Port Commission of the Port of Seattle approving
the Port’s participation in the city of Bellevue’s tax
increment area, as authorized under RCW 39.114.020.
WHEREAS,
RCW 39.114 generally authorizes local governments throughout
the State of Washington to enact tax increment areas to apportion and utilize property
taxes from other taxing jurisdictions to finance necessary public improvements in our
communities; and
WHEREAS,
RCW 39.114.020(1)(c)(ii)
authorizes the city of Bellevue to
enact an increment area up to $500,000,000 in combined assessed valuation if that
area is connected to Interstate 405
and the transportation-related public improvements
that will be funded enhance the integration and connection of neighborhoods within
and adjacent to the increment area, Bellevue enacts an ordinance designating the
increment area no later than June 30, 2026; and
WHEREAS,
the governing body of any taxing district within the increment
area may approve by a majority vote, and according to the governing body's ordinance
and publication procedures, the taxing district's partial, full, or non- participation in
the tax increment project; and
WHEREAS,
analysis performed by the city of Bellevue pursuant to RCW
39.114.020(2) indicates that the enactment of a tax increment area and the Port’s
participation in that increment area are necessary to produce private development
projected to occur in the area; and
WHEREAS,
the Port Commission has carefully reviewed and considered the
city’s tax increment area analysis and the Grand Connection project in its totality; and
WHEREAS,
the Port Commission concurs with the City of Bellevue’s analysis
that the Grand Connection will bring significant economic impact to the area, will reduce
regional greenhouse gas emissions by connecting the downtown core of Bellevue to a
broader multimodal network, and will create much-needed housing and commercial real
estate; and
WHEREAS, the Port Commission made a significant investment in Eastrail two
decades ago, continue to support its success, and recognize that the Grand Connection project
represents a significant opportunity to link a growing downtown employment center with a
regional, multimodal corridor that the Port helped bring to life.
Agenda Item: 10b_reso
Meeting Date: April 28, 2026
NOW, THEREFORE, BE IT RESOLVED
by the Port Commission of the Port
of Seattle that
the Port commits to full participation in the City of Bellevue tax increment area
for the Grand Connection Crossing.
ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting held
this 28th day of April, 2026, 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
