Item 6e Reso 3626
RESOLUTION NO. 3626 A RESOLUTION of the Port Commission of the Port of Seattle removing the Port of Seattle as a participating taxing district in the Cities of Auburn, Bellevue, Federal Way and Renton's proposed Revitalization Area (s) WHEREAS, the Washington State Legislature enacted Chapter 270, Laws of 2009 (the "Act"), which permits eligible local governments to create revitalizatioil areas and allows them to use certain increases in local property tax revenues generated from within the revitalization area, including those otherwise accruing to other taxing districts with jurisdiction over the revitalization area, to repay bonds issued to finance local public improvements within the revitalization area; and WI-IEREAS, on June 26, 2009, the City of Bellevue notified the Port of Seattle (the "Port") that it intends to declare a revitalization area under -theAct; and WI-IEREAS, on July 8, 2009, the City of Auburn notified the Port that it intends to declare a revitalization area under the Act; and WI-IEREAS, on July 10, 2009, the City of Renton notified the Port that it intends to consider establishing two revitalization areas under the Act; and WI-IEREAS, on July 13, 2009, the City of Federal Way notified the Port that it intends to declare a revitalizatioii area under the Act; and WHEREAS, the ilotices from the City of Auburn and the City of Bellevue, each informed the Port of its right under the Act to opt out of the use of its property tax revenues for the local revitalization financing of public improvements in the revitalization area proposed by the City of Auburn and the City of Bellevue by adopting a resolution to that effect and delivering notice of the Port's decision to opt out as a participating taxing district in the local revitalization area to the City of Auburn and the City of Bellevue, together with a copy of the resolution, prior to August 3, 2009. WHEREAS, the notice from the City of Federal Way informed the Port that the earliest possible date for City Council adoption of the proposed Community Revitalization Area would be August 4, 2009. WI-IHREAS, the notice from the City of Renton informed the Port that the earliest possible date for the City Council adoption of ordinances establishing Community Revitalization ordinances would be August 17, 2009. NOW, THEREFORE, BE IT RESOLVED by the Port Commission of the Port of Seattle that: Section 1. The Port exercises its right under the Act to opt out as a participating taxing district -- in the following proposed local revitalization areas: City of Auburn Revitalization Area City of Bellevue Revitalization Area City of Federal Way Revitalization Area City of Renton Revitalization Areas Section 2. The Port's Chief Executive Officer is hereby directed to deliver notice of the Port's decision to the cities of Auburn, Bellevue, Federal Way and Renton, with a copy of this Resolution, prior to August 3, 2009. ADOPTEI) by the Port Commission of the Port of Seattle at a regular meeting thereof, held this day of , 2009, and duly autheilticated in open sessioll by the signatures of the Commissioners voting in favor thereof and the seal of the Commission. Port Cominission
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