Item No.      10c_supp
Meeting Date: November 14, 2023

Environmental Legacy Fund Order
Dan Thomas, Chief Financial Officer
Vy Nguyen, Commission Office Strategic Advisor
Tyler Emsky, Commission Office Strategic Advisor

                   Background
•  The Port of Seattle is deeply committed to its role in cleaning up historical
industrial pollution related to its properties.
•  Port environmental remediation projects address contamination from
historical industrial operations by prior Port or Tenant operations.
•  Cleanup work improves water and habitat quality, bolsters salmon and
marine mammal recovery, and makes shorelines safer for humans and
wildlife.
•  Known environmental cleanup costs in the coming decade will exceed one
hundred million dollars.

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        Creation of an Environmental Legacy Fund
• Creates a financial planning tool for known environmental
cleanup costs
• Captures Port Property Tax Levy savings for dedicated use
– Can be spent alongside other revenues such as insurance payments,
legal settlements, and state grants
• Initial $30 million investment into the Fund with additional
increments recommended through the annual budget process
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                    Order 2023-15
•  What will this Order do?
– Establish the Environmental Legacy Fund
– Explicitly states what the Fund can be used for
– Fund will only include Port property tax levy funds; additional funds from
other sources will also go toward the Port’s environmental cleanup efforts
– Establish that the Executive Director shall make an annual
recommendation during the budget process about designating additional
increments of property tax levy dollars to be deposited into the Fund

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                   Questions?


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