Seattle Mayor Jenny Durkan believes she has brokered a deal to fully fund the planned waterfront makeover.
On Thursday, she unveiled a new proposal to ask for $160 million in a local improvement district tax, or LID, for short. That’s down 20 percent, from a previous request for $200 million in funding from waterfront commercial and residential property owners. It has been met with resistance from some, who claim current taxes could help fund the more than $700 million dollar makeover, which includes a public park, bike lanes, aquarium expansion, and pedestrian bridge from Pike Place Market to the Waterfront.
“The investment will be more than worth it,” said Durkan, at a press conference at the Seattle Aquarium, surrounded by supporters. She said "enough property owners have agreed to this amount” to ward off any sort of legal challenge.
Durkan’s office said that private supporters have offered to increase their capital, and it has found efficiencies to reduce the overall cost. Her office says the rest would be funded by state money, and local funds currently unallocated, including future parking and real estate excise taxes.
“It’s a great deal,” said Ivar’s President Bob Donegan. “I predicted two years ago, we’d settle at 150, we’re at 160.” Donegan said the current plan means Ivar’s will pay roughly $30,000 a year in increased taxes, adding, "We believe we’ll get many times that much revenue from the increased number of visitors to the waterfront.”
Durkan’s office claims that a typical condo owner, in the LID zone, would only pay $95 a year. A ‘typical’ commercial property owner would pay close to $300 a year to help fund the project, currently scheduled to be completed by 2023.
It all still needs city council approval, and multiple members declined comment on Thursday. “The Council approving this LID is going to be a critical component for getting what we need for a waterfront for all,” said Durkan.
