SEATTLE — The Port of Seattle has approved a 5-year budget to expand its facilities, and that includes plans for a fourth cruise ship terminal on Seattle's waterfront.
The plan also means taxpayers will see an increase on their property bills.
For King County property owners, it will be the first port levy increase in a decade. The 3 percent property tax increase is expected to bring in $74.2 million annually to help pay for the projects and fund environmental programs and debt service on bonds.
The increase means the owner of a $590,000 home, who now pays $69 per year to the port, would pay about $70 in 2019 and $79 in 2023.
Under an approved 5-year budget, the Port of Seattle will be spending $348 million on upgrades.
The plan includes upgrades to Fishermen's Terminal, modernization of the conference center at Bell Harbor, new light industrial space in Interbay near Terminal 91 and a new cruise ship terminal.
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The location of the cruise ship terminal, which is expected to cost $200 million overall, could be decided next year. The port will pay half, and a private partner is expected to pay the other $100 million.
If Terminal 46 is chosen, that could raise eyebrows, since the port opposed a SODO sports arena, citing the need to protect cargo operations.
“I want to be clear, our priority is cargo and how we can make sure we have a productive, efficient waterfront is seeing what flexibility there is for other working waterfront opportunities,” said Port Commission president Courtney Gregoire.
There's also a plan to expand Terminal 5 capacity for mega cargo ships, becoming more common in the cargo industry.
Read more about the budget and 5-year plan here.
Cox Media Group
