RESOLUTION NO. 3738, as amended

A RESOLUTION of the Port Commission of the Port of Seattle adopting
the nal budget of the Port of Seattle for the year 2018;
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  specic sums  to be  levied on  all  of the assessed
property of the Port of Seattle District in the Year 2018.

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 benet of the region; and

WHEREAS, The Port of Seattle Commission  is committed to  the responsible
stewardship of public tax revenue, nancially 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 inux 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 and investing in solutions that will propel the Port to become the "greenest" and most
efcient port in the nation. We are further committed to assisting those we do business with to

encourage and incentivize ways they 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 26th day of October, 2017, provided
the preliminary 2018 Budget and Business Plan and Draft Plan of Finance ("2018 Preliminary
Budget") of the Port of Seattle to the public and provided for the publication of Notice of Budget
Hearing to consider adoption of a nal budget, to be heard on the 14th day of November, 2017,
when taxpayers might appear and present objections to the 2018 Preliminary Budget; and

WHEREAS, a public hearing on the 2018 Preliminary Budget was held in the Port
Commission Chambers, pursuant to notice duly given, in the City of Seattle, County of King,
State of Washington, on the 14'h of November 2017, at 1 pm; and

WHEREAS, all parties present at said hearing were afforded a full opportunity to present
objections to the 2018 Preliminary Budget, and the Port Commission being duly advised in the
premises; and

WHEREAS, the King County Assessor notied the Commissioners of the Port of Seattle
on the 13th day of October, 2017, that the regular levy assessed value of the property lying within
the  boundaries  of  the  Port  of  Seattle  district  ("Port  District")  for  the  year  2017  is
$530,058,322,979 (after omitted assessments); and

WHEREAS, the King County Assessor notied the Commissioners of the Port of Seattle
on the 13'h day of October, 2017, that the maximum allowable levy is $101,550,330 including
$189,856 levy for prior year refunds and the Port intends to retain this levy capacity;

NOW, THEREFORE, BE IT RESOLVED, by the Port Commission of the Port of
Seattle that the 2018 Preliminary Budget, as updated and amended at the November 14, 2017
Port Commission hearing, and as may have been further amended by the Port Commission on
this 28th of November, 2017, is hereby adopted as the nal budget of the Port of Seattle for the
Year 2018. Said nal budget includes the statutory budget required under RCW 5335040. A

copy of the nal 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, 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 $72,000,000.

BE IT FURTHER RESOLVED, that the King County Council, State of Washington, be
notied that the specic sum herein mentioned being a total of $72,000,000 is necessary to be
raised by taxation to meet the payment of bond redemption and interest on Port of Seattle
General Obligation Bonds, 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, 2018 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 2018 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 28'h day of November, 2017, and duly authenticated in open session by the signatures of the
Commissioners voting in favor thereof and the seal   the Commission.

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