7b
PORT OF SEATTLE MEMORANDUM COMMISSION AGENDA Item No. 7b BRIEFING ITEM Date of Meeting November 4, 2014 DATE: October 27, 2014 TO: Ted Fick, Chief Executive Officer FROM: Michael Tong, Corporate Budget Manager SUBJECT: 2013 Economic Impacts of the Port of Seattle SYNOPSIS The Port of Seattle and the Port of Tacoma entered an Interlocal Agreement to conduct a joint economic impact study to assess areas of economic impact generated by the two ports earlier this year. The two ports subsequently solicited proposals from several consulting firms. Based on the consultants' written proposals, methods, assigned personnel, prior experience, and cost, the ports selected Martin Associates for the study. On November 4, 2014, John Martin of Martin Associates, the study's author, will present the Port of Seattle economic impacts. The presentation outline is as follows: Portwide summary of economic impacts Seaport economic impacts (Marine Cargo, Cruise and Other Waterborne Passenger Activity, Commercial Fishing Activity, and Marina Activity) Real Estate economic impacts Airport economic impacts BACKGROUND: Since 1987, the Port has undertaken a study of the economic impacts of the Seattle Harbor and Seattle-Tacoma International Airport in approximate five-year intervals. Information from the study provides defensible representations of the economic impacts associated with Port activities and allows for informed policy discussion regarding the Port's current and potential future role in supporting the economic vitality of the region. The study and related computer models are also used in internal planning and evaluation of capital projects, comparison of business operations and assessment of alternative land uses. The last study was completed in 2007. On February 19, 2014, the Port of Seattle and the Port of Tacoma entered an Interlocal Agreement to conduct a joint economic impact study to assess areas of economic impact generated by the two ports. Subsequently, the two ports solicited proposals from firms interested in conducting a comprehensive analysis of the economic impacts derived by the activities related to each port. Based on the consultants written proposals, methods, COMMISSION AGENDA Ted Fick, Chief Executive Officer October 22, 2014 Page 2 of 2 assigned personnel, prior experience, and cost, the ports selected Martin Associates for the study. The study would assess areas of shared economic impact in the Puget Sound region and the State of Washington. Additionally, the report would include individual sections that analyze the impacts of each port within its specific county, the Puget Sound region, and the State of Washington. The results of the economic impact analysis would be used in a variety of ways to advance the individual and shared work of each port. The results of this study would serve as the foundation for communication with the general public, media, and elected officials about the critical role of the two ports in our state's trade economy. Additionally, this information will inform business proposals, grant requests, permit submissions, etc. On September 30, 2014, the Port of Seattle and Port of Tacoma jointly released the economic impacts of the marine cargo operations, which supported more than 48,000 jobs and generated nearly $4.3 billion in economic activity in 2013. On November 4, 2014, the Port will release its economic impacts for the Seattle Harbor and Sea-Tac Airport in terms of jobs, wages/salaries, business revenues and tax receipts. The report includes separate impact analysis for each of the Port's key activities: Marine Cargo Cruise and Other Waterborne Passenger Activity Commercial Fishing Activity Marina Activity Real Estate including Central Waterfront Properties Sea-Tac International Airport OTHER DOCUMENTS ASSOCIATED WITH THIS REQUEST: PowerPoint PREVIOUS COMMISSION ACTIONS OR BRIEFINGS: December 10, 2013 Request authorization for the Chief Executive Officer to execute an interlocal agreement with the Port of Tacoma and all other documents needed to conduct a joint economic impact study in an amount not to exceed $200,000.
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