Item Number:        10e_reso 
1                                                                               Meeting Date:     November 16, 2021
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3                                              PORT OF SEATTLE 
4                                           RESOLUTION NO. 3793 
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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 
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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 
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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 
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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 
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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 
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Resolution No. 3793, 2022 Budget Resolution                                                         Page 1 of 3

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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 
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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 
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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 
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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 
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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 
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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. 
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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. 
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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. 
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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. 
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127                                                          Port of Seattle Commission






Resolution No. 3793, 2022 Budget Resolution                                                         Page 3 of 3