Adopted Resolution 3751
RESOLUTION NO. 3751
A RESOLUTION of the Port Commission of the Port of Seattle adopting
the final budget of the Port of Seattle for the year 2019;
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 property of the Port of Seattle District in the
Year 2019.
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 sectoris 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
Resolution No. 3751, Port of Seattle 2019 Budget Page 1of3
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 25th day of October, 2018, provided
the 2019 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 final budget, to be heard on
the 13" day of November, 2018, when taxpayers might appear and present objections to the
2019 Preliminary Budget; and
WHEREAS, a public hearing on the 2019 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 13" of November, 2018, at 12 p.m.; and
WHEREAS, all parties present at said hearing were afforded a full opportunity to
present objections to the 2019 Preliminary Budget, 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 15" day of October, 2018, that the regular levy assessed value of the property lying
within the boundaries of the Port of Seattle district ("Port District") for the year 2018 is
$602,029,823,670 (after omitted assessments); and
WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle
on the 15" day of October, 2018, that the maximum allowable levy is $104,150,512 including
$157,107 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 2019 Preliminary Budget, as updated and amended at the November 13, 2018, Port
Commission hearing, and as may have been further amended by the Port Commission on this
27" of November, 2018, is hereby adopted as the final budget of the Port of Seattle for the
Year 2019. 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 thecurrent assessment rolls to provide tor payment of bond redemption and interest on
the Port of Seattle General Obligation Bonds, for future expenditures for acquisitions and
Resolution No. 3751, Port of Seattle 2019 Budget Page 20of 3
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 a total of $74,160,000 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 RESOLVEDthat the above is a true and complete listing of levies for the
Port District for collection in the year 2019 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 27" day of November, 2018, and duly authenticated in open session by the signatures of
the Commissioners voting in favor thereof and the seal of the Commission.
S
x ok TEPHANIE Bowman
:8
ABisl ; RINEY GREGOIRE
Ms
PETER STEINBRUFAK
Port Commissiongys
Resolution No. 3751, Port of Seattle 2019 Budget Page 3 of 3
4 I eH oo = EET]
meni a =
wk
4 a
i =f
a i) CI
wid "
hai ale wp I
- HE i=, p=
pe
-
.
}
{le B i
n
. =
jk i
pled br
"
oo
y
gil
i -a.
psd), i -
I oo
de po
TR RR
wo i INANE
oo
da" Fox oe; _=
i pain
=
' hd
.
% mr
bog il a wid
dena PH - El
.
.
= - --____.. 1
I
- Ed The 5g Es tgp
hh = pm ccc =
A
NE ae =
i
" KEL - =h TE
i pi ERR en
eS
eH
=
a LE
=
=
sm
Limitations of Translatable Documents
PDF files are created with text and images are placed at an exact position on a page of a fixed size.
Web pages are fluid in nature, and the exact positioning of PDF text creates presentation problems.
PDFs that are full page graphics, or scanned pages are generally unable to be made accessible, In these cases, viewing whatever plain text could be extracted is the only alternative.