The proposal includes funding for an expansion to the Seattle Aquarium. Image Credit: Joe Mabel (CC by SA-3.0)
On Thursday, Seattle Mayor Jenny Durkan unveiled a new proposal for waterfront development, including a $160 million local improvement district tax (LID). The proposed tax is down 20% from a previously suggested $200 million on waterfront commercial and residential property owners. The final project will likely total $700 million and include parks, bike lanes, a new aquarium expansion, and a pedestrian bridge from Pike Place Market to the waterfront.
Critics of the proposal have said that there should be enough revenue from other taxes without placing additional burden on property owners. But at a press conference at the Seattle Aquarium, Durkan stated that “enough property owners have agreed” to the new estimate that legal challenges should be minimal. The mayor’s office estimates that a typical property owner in the improvement district would pay about $300 a year toward the project. The mayor’s office also noted that private supporters have agreed to increase their contributions, and that the remainder of funding will likely come from a combination of state and local money, as well as future excise taxes from the parking and real estate in the area.
The proposal must still pass the city council. If it is successful, the waterfront project will likely be completed by 2023.
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