Resolution 3793
Item Number: 10e_reso 1 Meeting Date: November 16, 2021 2 3 PORT OF SEATTLE 4 RESOLUTION NO. 3793 5 6 A RESOLUTION of the Port Commission of the Port of Seattle 7 adopting the final budget of the Port of Seattle for 8 the year 2022; making, determining, and deciding 9 the amount of taxes to be levied upon the current 10 assessment roll; providing payment of bond 11 redemptions and interest, cost of future capital 12 improvements and acquisitions, and for such 13 general purposes allowed by law which the Port 14 deems necessary; and directing the King County 15 Council as to the specific sums to be levied on all of 16 the assessed properties of the Port of Seattle District 17 in the Year 2022. 18 19 WHEREAS, the Port of Seattle in the Century Agenda commits to create 20 economic opportunity for all, steward our environmental responsibly, partner with 21 surrounding communities, promote social responsibility, conduct ourselves 22 transparently, and hold ourselves accountable; and 23 24 WHEREAS, the Port of Seattle's Century Agenda outlined goals of meeting current 25 demand as a business gateway and tourism hub for the region, and further expressed the need 26 to anticipate future growth of the region and to prepare for the ensuing demand for cruise, 27 maritime, and aviation all for the economic benefit of the region; and 28 29 WHEREAS, the Port of Seattle Commission is committed to the responsible 30 stewardship of public tax revenue, financial transparency, and an open budget process; and 31 32 WHEREAS, the Port of Seattle and its Commission are committed to making 33 strategic investments necessary to promote a thriving maritime and industrial economy and 34 recognize that increasing pressure on industrial lands and freight corridors in the region 35 threatens the viability of this sector; and 36 37 WHEREAS, the long-term viability of the maritime and industrial sector is 38 dependent on a robust and well-trained workforce and the sector is facing both an aging 39 workforce and a limited influx of trained younger workers to replace those approaching 40 retirement and the need to strengthen training and pathways into the sector; and 41 42 WHEREAS, the Port of Seattle Commission is committed to reducing our carbon 43 footprint by investing in solutions to become the "greenest" and most efficient port in the 44 nation and we are further committed to assisting and incentivizing those we do business with 45 in order to reach these goals; and 46 Resolution No. 3793, 2022 Budget Resolution Page 1 of 3 47 48 WHEREAS, the Port of Seattle Commission has determined that the mission of the 49 Port is to create good jobs in the region by advancing trade and commerce, promoting 50 manufacturing and maritime growth, and stimulating economic development; and 51 52 WHEREAS, the Port of Seattle Commission, on the 20th day of October, 2021, 53 provided the preliminary 2022 Budget of the Port of Seattle to the public and provided for 54 the publication of Notice of Budget Hearing to consider adoption of a final budget, to be 55 heard on the 9th day of November, 2021, when taxpayers might appear and present objections 56 to the preliminary 2022 Budget; and 57 58 WHEREAS, a public hearing on the preliminary 2022 Budget was held remotely, 59 pursuant to notice duly given, in the City of Seattle, County of King, State of Washington, 60 on the 9th of November, 2021, at 12 p.m.; and 61 62 WHEREAS, all parties present at said hearing were afforded a full opportunity to 63 present objections to the preliminary 2022 Budget, and the Port Commission being duly 64 advised in the premises; and 65 66 WHEREAS, the King County Assessor notified the Commissioners of the Port of 67 Seattle on the 13th day of October, 2021, that the regular levy assessed value of the property 68 lying within the boundaries of the Port of Seattle district ("Port District") for the year 2021 69 is $720,405,420,488 (after omitted assessments); and 70 71 WHEREAS, the King County Assessor notified the Commissioners of the Port of Seattle 72 on the 13th day of October, 2021, that the maximum allowable levy is $111,273,604 73 including $141,253 levy for prior year refunds, and the Port intends to retain this levy 74 capacity; and 75 76 WHEREAS, the Port has outstanding General Obligation bonds due in 2022 and has a 77 General Obligation line of credit, for the payment of the principal and interest on such 78 indebtedness in 2022 the entire amount of the levy is required to be available to the Port. 79 80 NOW, THEREFORE, BE IT RESOLVED by the Port Commission of the Port of 81 Seattle that the preliminary 2022 Budget, as updated and amended at the November 9, 2021, 82 Port Commission hearing, and as may have been further amended by the Port Commission 83 on this 16th of November, 2021, is hereby adopted as the final budget of the Port of Seattle 84 for the Year 2022. Said final budget includes the statutory budget required under RCW 85 53.35.040. A copy of the final budget shall be made available to the public on the Port of 86 Seattle website. 87 88 BE IT FURTHER RESOLVED that the amount of taxes to be levied by the Port of 89 Seattle on the current assessment rolls to provide for payment of bond redemption and 90 interest on the Port of Seattle General Obligation Bonds and line of credit and, as available, 91 for future expenditures for acquisitions and capital improvements and for such general 92 purposes allowed by law which the Port deems necessary be set and deposited is still pending 93 commission approval. Resolution No. 3793, 2022 Budget Resolution Page 2 of 3 94 95 96 97 BE IT FURTHER RESOLVED that the King County Council, State of 98 Washington, be notified that the specific sum herein mentioned being a total of $81,036,634 99 is necessary to be raised by taxation to meet the payment of bond redemption and interest 100 on Port of Seattle General Obligation Bonds and line of credit, of future expenditures for 101 acquisitions and capital improvements, and of costs for such general purposes allowed by 102 law which the Port deems necessary, as set forth for the period January 1, 2022, and 103 thereafter; that said King County Council be respectfully requested to make a levy in said 104 amount for the aforesaid purposes. 105 106 BE IT FURTHER RESOLVED that the above is a true and complete listing of levies 107 for the Port District for collection in the year 2022 and they are within the maximums 108 established by law. 109 110 ADOPTED by the Port Commission of the Port of Seattle at a duly noticed meeting held 111 this 16th day of November, 2021, and duly authenticated in open session by the signatures of the 112 Commissioners voting in favor thereof and the seal of the Commission. 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 Port of Seattle Commission Resolution No. 3793, 2022 Budget Resolution Page 3 of 3
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