Resolution No. 3853 1 of 3
Resolution No. 3854
Item Number: 10a reso 1
Meeting Date: November 17, 2026 2
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PORT OF SEATTLE
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RESOLUTION NO. 3853
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A RESOLUTION
of the Port Commission of the Port of Seattle
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adopting the final budget of the Port of Seattle for the
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year 2027; making, determining, and deciding the
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amount of taxes to be levied upon the current
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assessment roll; providing payment of bond
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redemptions and interest, cost of future capital
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improvements and acquisitions, and for such general
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purposes allowed by law which the Port deems
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necessary; and directing the King County Council as to
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the specific sums to be levied on all of the assessed
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properties of the Port of Seattle District in the Year
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2027.
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WHEREAS,
the Port of Seattle in the Century Agenda commits to create
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economic opportunity for all, steward our environment responsibly, partner with
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surrounding communities, promote social responsibility, conduct ourselves
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transparently, and hold ourselves accountable; and
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WHEREAS,
the Port of Seattle's Century Agenda outlined goals of meeting
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current demand as a business gateway and tourism hub for the region, and further
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expressed the need to anticipate future growth of the region and to prepare for the ensuing
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demand for cruise, maritime, and aviation all for the economic benefit of the region; and
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WHEREAS,
the Port of Seattle Commission is committed to the responsible
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stewardship of public tax revenue, financial transparency, and an open budget process;
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and
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WHEREAS,
the Port of Seattle and its Commission are committed to making
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strategic investments necessary to promote a thriving maritime and industrial economy
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and recognize that increasing pressure on industrial lands and freight corridors in the
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region threatens the viability of this sector; and
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WHEREAS,
the long-term viability of the maritime and industrial sector is
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dependent on a robust and well-trained workforce, and the sector is facing both an aging
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workforce and a limited influx of trained younger workers to replace those approaching
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retirement and the need to strengthen training and pathways into the sector; and
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WHEREAS,
the Port of Seattle Commission is committed to reducing our carbon
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footprint by investing in solutions to become the "greenest" and most efficient port in the
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nation and we are further committed to assisting and incentivizing those we do business in
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order to reach these goals; and
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WHEREAS,
the Port of Seattle Commission has determined that the mission of
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the Port is to create good jobs in the region by advancing trade and commerce, promoting
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manufacturing and maritime growth, and stimulating economic development; and
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WHEREAS
, the Port of Seattle Commission, on the 20th day of October, 2026,
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published the preliminary 2027 Budget of the Port of Seattle on the Port of Seattle website
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and, on the 22
nd
day of October, 2026, made hard copies available to the public; and on
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the 30
th
of October and 6
th
of November, 2026, published the Notices of the public hearing
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of the preliminary 2027 Budget to consider adoption of a final budget, with public hearing
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to be heard on the 17th day of November, 2026, when taxpayers might appear and present
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objections to the preliminary 2027 Budget; and
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WHEREAS,
a public hearing on the preliminary 2027 Budget was held in-person
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in at the Seattle-Tacoma International Airport Conference Center,
17801 International Blvd, 54
Seattle Washington, Mezzanine Level pursuant to notice duly given, County of King, State of 55
Washington, on the 17
th
of November 2026, at 12 p.m.; and 56
WHEREAS,
all parties present at said hearing were afforded a full opportunity to
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present objections to the preliminary 2027 Budget, and the Port Commission being duly
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advised in the premises; and
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WHEREAS,
the King County Assessor notified the Commissioners of the Port of
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Seattle on the 1st
day of October 2026, that the preliminary regular levy assessed value of
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the property lying within the boundaries of the Port of Seattle district ("Port District") for
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the year 2026 is $877,853,709,907 (after omitted assessments); and
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WHEREAS, the King County Assessor notified the Commissioners of the Port of 64
Seattle on the 1st
day of October 2026 that the preliminary maximum allowable levy is
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$121,984,917 and the Port intends to retain this levy capacity; and
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WHEREAS,
the Port has outstanding General Obligation bonds due in 2027 and
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may now have or hereafter incur General Obligation line of credit obligations, and
the full 68
levy amount is needed to meet the principal and interest requirements on such indebtedness in 69
2027.
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NOW, THEREFORE, BE IT RESOLVED,
by the Port Commission of the Port of
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Seattle, that the preliminary 2027 Budget at the November 17, 2026, Commission meeting
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and public hearing, is hereby adopted as the final budget of the Port of Seattle for the Year
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2027. Said final budget includes the statutory budget required under RCW 53.35.040. The
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final budget shall be made available to the public on the Port of Seattle website.
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BE IT FURTHER RESOLVED
that the amount of taxes to be levied by the Port of
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Seattle on the current assessment rolls to provide for payment of bond redemption and
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interest on the Port of Seattle General Obligation Bonds and line of credit, if any, and, as
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available, for future expenditures for acquisitions and
capital improvements and for such
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general purposes allowed by law which the Port deems necessary be set and deposited is
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still pending commission approval.
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BE IT
FURTHER RESOLVED
t
hat the King County Council, State of
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Washington, be
notified that the specific sum herein mentioned being a total of $97,587,934
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is necessary to be
raised by taxation to meet the payment of bond redemption and interest
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on Port of Seattle General Obligation Bonds and line of credit, if any, of future
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expenditures for acquisitions and capital improvements, and of costs for such general
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purposes allowed by law which the Port deems necessary (including an estimated
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$335,344 for prior year refunds and $11,512 for Local Tax Increment Financing (LTIF),
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as set forth for the period January 1, 2027, and thereafter; that said King County Council
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be respectfully requested to make a levy in said amount for the aforesaid purposes.
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BE IT FURTHER RESOLVED
that the above is a true and complete listing of
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levies for the Port District for collection in the year 2027 and they are within the
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maximums established by law.
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ADOPTED
by the Port Commission of the Port of Seattle at a duly noticed
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meeting held this 23rd day of November 2026 and duly authenticated in open session
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by the signatures of the Commissioners voting in favor thereof and the seal of the
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Commission.
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Port Commission 111
