The Port of Seattle’s 2019-2023 budget blueprint invests in the community and the environment and advances more than 20 key maritime and economic development projects.
The Northwest Seaport Alliance will invest a total of $340 million towards the redevelopment of Terminal 5. The project will allow the terminal to handle ultra-large container vessels.
Projects advanced include $10.5 million for a Maritime Innovation Center, $17 million for a Terminal 117 habitat restoration program, $23 million for the Fishermen’s Terminal Gateway Building, $30 million for bringing electrical power to the waterfront, $35 million for berth replacement at Terminal 91 and $39 million for development of Terminal 91.
A new cruise berth, valued at $200 million, was also advanced. The project assumes half the cost will come from private investment. The berth will support the goal of increasing the region’s tourism.
The projects will require Commission authorization before construction and undergo public discussion.
To pay for the projects, the median household property tax payment in King County will increase $1.39 annually to $70.20.
Last year, the property tax levy was less than five percent of the port’s revenue, and of the $5.6 billion the county collected in property taxes 1.3 percent went to the port.