7a. Waterfront LID presentation
ITEM NO: _____7a_supp_____ DATE OF MEETING: March 27, 2018 1980s Waterfront and Transportation Investments 1 Condos Marina Hotel Restaurants WTC Office Building Parking Conference Center Cruise Terminal 2 Regional Transportation Investments MAJOR PROJECTS Alaskan Way Viaduct Replacement Project $281M Link Light Rail Extension $110M SR 519 Access $13M EMW Grade Separation $22M SR 518 Lane Expansion $19M Terminal Truck Access $25M Lander St Overpass $15M Heavy Haul $20M Safe & Swift North Corridor $5M 3 AGENDA Welcome & Introduction Waterfront Overview Budget Operations & Management Waterfront Local Improvement District Economic Value from Parks What is an LID? How Special Benefit Works Feasibility Study Q&A 4 ' WATERFRONT SEATTLE PROGRAM | OLYMPIC . . , ' , ' ~ ' ELLIOTT BAY . . ' '. SCULPTURE 'v SEAWALL PROJECT I . . ' SR 99 TUNNEL PROJECT Waterfront Seattle - SEATTLE MULTIMODAL TERMINAL AT I, COLMAN DOCK PROJECT - PARTNER PROJECTS Project construction dates are tentative and suMecttochange Pier 62/63 Rebuild [2017-2019' Seattle Multimodal Terminal at Colman Dock Project [2017-2023] V, RTE PLAcE .. : ' " ' r MARKET' WESTEDGE 'E' RETAIL CORE V. E t '. " SR 99 Tunnel Prolect E2833: '1 a O [2011-early 20191 E'Vl L.;lh::'I J".~I-Q'I 5 .'L up"; ', 6 7 WATERFRONT SEATTLE FUNDING 8 OPERATIONS AND MANAGEMENT Maintenance approach Baseline: City departments Enhanced: Parks/Friends agreement Programming and activation Budget Seattle Parks District: $3.5M/year for Parks staff Friends of Waterfront Seattle: anticipated $1M+/year 9 PROJECT PUBLIC BENEFITS 10 "PROXIMATE PRINCIPLE" 11 HR&A VISITATION STUDY 1.5 million net new annual visitors: $191.3 million direct spending 12 LID PROCESS 13 SPECIAL BENEFIT STUDY AREA 14 SPECIAL BENEFIT 15 FEASIBILITY STUDY Initial estimate of overall range of total special benefit to determine feasibility Does not include parcel-by-parcel analysis and is not used to determine assessments. Total estimated range in study area: $300-420 million 16 LID FORMATION PROCESS 17 QUESTIONS? 18 BACK POCKET CONSTRUCTION SCHEDULE 20 WATERFRONT SEATTLE PROGRAM 21 mnniimm Inn-mum" ~ 22 SEAWALL AND PROMENADE 23 MOBILITY AND ACCESS 24 ACTIVE RECREATION 25 PIKE AND PINE STREETS Pike and Pine streets, between First Avenue and Melrose Avenue Pedestrian and streetscape improvements Budget: $20 million (all costs including design, construction, City costs) Funding Source: Waterfront Local Improvement District, partner projects 26 OVERALL WATERFRONT INVESTMENTS (INCLUDING UTILITIES AND SEAWALL) 27 CASE STUDY: MILLENIUM PARK (CHICAGO) $1.4B of direct spending generated in park vicinity 28 INCREASE IN LOCAL BUSINESS SALES Doubles near streetscape improvements 100% 90% 80% 70% 60% 48% 50% 40% 30% 22% 20% 15% 7% 10% 0% Improved Not Improved Year 1 Year 2 29
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