Port Seattle Commission Board will soon unveil plans for US$348 million in waterfront upgrades, and building a new cruise terminal.
The first port levy growth in a decade is due to bring in US$74.2 million per year to help pay for the new projects and fund environmental programs as well as debt service on bonds.
Port Commission is expected to approve a 3% property tax increase, which means that the owner of a US$590,000 home, who is currently paying US$69 annually to the port, would pay around US$70 next year, and US$79 in 2023.
The capital improvement plan, due to be detailed next week, features upgrades to Fishermen's Terminal, new light industrial space in Interbay close to Terminal 91, modernization of Bell Harbor's conference center, and a new cruise ship terminal.
The location of the new cruise ship terminal could be decided in 2019.