Port of Everett Commission Adopts $67 Million 2023 Budget
The Port of Everett Commission has adopted a $67 million 2023 operating and capital budget that continues to implement the Port’s Strategic Plan and overall vision of a vibrant and balanced working waterfront.
The Port’s 2023 budget and financing plan considers continued financial impacts from the COVID-19 pandemic on the Port’s three lines of business, particularly at the Seaport with the reduction of aerospace cargo, and also, addresses current economic impacts from historic inflation.
It does so while positioning the Port to address significant opportunities to support economic development and new jobs, including continued investment in the Port Commission’s top capital priorities of modernizing and greening the Seaport and building out Waterfront Place.
The budget includes a one-year operating and capital budget, and a five-year capital budget forecast with a three-year funding plan. It sets the financial framework for the Port to continue delivering on the vision of a balanced Everett waterfront that supports maritime use at the urban deep-water Seaport, and mixed-use at the destination waterfront.
The plan includes 54 individual projects that advance the Port’s Strategic Initiatives, placing a high emphasis on modernizing and greening the Seaport, continuing to build out destination retail and mixed-use amenities at Waterfront Place, upgrading and developing new marina facilities, and continuing to address legacy contamination at the waterfront through environmental cleanups. These initiatives have been established by the Port Commission and direct the long-term financing, as well as allocation of staff resources.
The budget plan assumes nearly $41.1 million in operating/non-operating expenditures, combined with $25.8 million in capital investment, which includes spending about $8.8 million toward environmental remediation and public access projects.
The Port’s budget provides funds to operate and manage a full-service international Seaport, the largest public marina on the West Coast and nearly 3,300 acres of waterfront property.
The Port Commission held numerous Port Commission meetings to discuss the budget and opened a formal public hearing at the Nov. 1 Port Commission meeting. The public hearing included a week-long public comment period, prior to budget adoption at the Nov. 8 Port Commission meeting. No public comments were received.
About the Port of Everett’s Capital Improvement Plan
The 2023 – 2027 Capital Improvement Plan continues to develop the Everett waterfront as a place of commerce, as well as a place for citizens and guests to recreate. The plan includes 66 projects that advance the Port’s Strategic Plan by:
- Investing in maritime infrastructure to modernize the Seaport and support the movement of commerce, while also greening the supply chain
- Building out public infrastructure and mixed-use elements at Waterfront Place, including new destination retail and restaurant pads at Fisherman’s Harbor, and moving into development for the second phase at the Millwright District
- Continuing to recapitalize and upgrade Marina infrastructure, including fuel dock tank replacement and dock reconfiguration, marina access controls, covered moorage upgrades and more
- Exploring new economic development opportunities, such as waterfront redevelopment planning efforts in Mukilteo, and
- Systematic cleanup of legacy contamination along the waterfront as part of the Puget Sound Initiative
Each of these efforts will require significant investment from the Port, proposing $75 million in investment through 2027. This follows the $54 million in capital investments by the Port in 2022, about 75 percent of which funded key environmental projects including the Norton Terminal/MTCA 3rd Interim Action Cleanup at the former Kimberly-Clark mill site, the new 353-acre Blue Heron Slough estuary, and shoreline restoration and habitat enhancement at the former Bay Wood mill site.
Other accomplishments included four destination retail/restaurant groundbreakings at Waterfront Place, restoration kickoff at the historic Weyerhaeuser Building, initiated development activity in the Millwright District, started the Marina Fuel Tank relocation, completed boat launch dredging, replaced the Jetty Landing restroom, created an enhanced Mukilteo Parklet and acquired the former Washington State Ferries Mukilteo holding lanes for future waterfront development.
About the 2023 Port Property Tax Levy
The Port’s 2023 budget assumes a property tax levy amount of $5.4 million, which equates to about 8% of the Port’s total budget and is a 1% increase from 2022. Port taxes are ONLY used to fund environmental remediation, public access and debt service. Because the valuation of the Port District has increased, we expect the levy rate to fall slightly to just less than 19 cents per assessed $1,000 home value (down from 22 cents in 2022). Total estimated annual Port tax for a $550,000 home in 2023 is $101.45 reduced from $121.08 in 2022. The Port is not a countywide Port, although its impact and benefits reach throughout Snohomish County.
For more information, contact Catherine Soper, Port of Everett Communications & Marketing Director, at firstname.lastname@example.org.
About the Port of Everett
The Port of Everett is a special-purpose district tasked with economic development. Through its international seaport, public marina and real estate development, the Port of Everett brings jobs, an increased tax base, business and tourism to our community and region. The Port is a committed steward of the environment and waterfront. Port activities support nearly 40,000 jobs in the region and contribute approximately $433 million in state and local taxes.