RESOLUTION NO. 3763

A RESOLUTIONof the Port Commission of the Port of Seattle adopting the
final  budget  of the  Port  of  Seattle  for  the  year  2020;
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 2020.

WHEREAS, the Port of Seattle in the Century Agenda commits to create economic
opportunity  for  all,  steward  our  environmental  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 with 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 22" day of October, 2019, provided
the preliminary 2020 Budget of the Port of Seattle to the public and provided for the publication of
Notice of Budget Hearing to consider adoption of a final budget, to be heard on the 12" day of
November, 2019, when taxpayers might appear and present objections to the preliminary 2020
Budget; and

WHEREAS, a public hearing on the preliminary 2020 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 12 ofNovember, 2019, at 12 p.m.; and

WHEREAS, all parties present at said hearing were afforded a full opportunity to present
objections to the preliminary 2020Budget, 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 1% day of October, 2019, that the regular levy assessed value of the property lying within the
boundaries of the Port of Seattle district ("Port District") for the year 2019 is
$636,879,445,421 (after omitted assessments); and

WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle on the
1* day of October, 2019, that the maximum allowable levy is $106,250,147 including $0 levy for
prior year refunds, and the Port intends to retain this levy capacity;

NOW, THEREFORE, BE IT RESOLVED by the Port Commission ofthe Port of Seattle that
the preliminary 2020 Budget, as updated and amended at the November 12, 2019, Port Commission
hearing, and as may have been further amended by the Port Commission on this 19" of November,
2019, is hereby adopted as the final budget of the Port of Seattle for the Year 2020. Said final budget
includes the statutory budget required under RCW 53.35.040. A copy of 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 band 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 still pending commission approval.

BE IT FURTHER RESOLVED that the King County Council, State of Washington. be
notified that the specific sum herein mentioned being atotal ot’$76,384.800 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  I. 2020, 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 2020 and they are within the maximums established by law.

ADOPTED by the Port Commissionof the Port of Seattle at a duly noticed meeting held this 19"
day of November. 2019. and duly authenticated in open session by the signatures of the Commissioners
voting in favor thereotand the seal ofthe Commission.


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Port of Seattle Commissioners