The Port of Seattle approved a 5-year budget in order to expand its facilities. That includes plans for a 4th cruise ship terminal on the waterfront of Seattle. The plan means that taxpayers will see increase on the property bills.
For King County property owners, it has been the first port levy increase since a decade. The 3% property tax increase is due to bring in US$74.2 million per year to help pay for the projects as well as fund environmental programs and debt service on bonds.
This increase means that the owner of a US$590,000 home, who currently pays US$69 per year to the port, would have to pay around US$70 next year and US$79 in 2023.
Under an approved 5-year budget, Port of Seattle will spend US$348 million on upgrades.
The plan includes modernization of the conference center at Bell Harbor, upgrades to Fishermen's Terminal, new light industrial space in Interbay close to Terminal 91 and a new cruise terminal.
The location of the cruise terminal, that is expected to cost US$100 million, could be decided in 2019.
There is also a plan to expand the capacity of Terminal 5 for mega cargo vessels, becoming more common in cargo industry.