The Port of Seattle approved its 2020 budget and five-year capital plan yesterday, making room for future development projects.
According to the port, the budget and capital improvement plan support regional economic and community priorities by investing in new developments.
The Port of Seattle held 14 public briefings and meetings on the budget, beginning in June 2019, including two community open houses in October.
As reported, capital projects, the infrastructure that supports the region’s economy, make up the largest share of the port’s budget.
The Capital Investment Plan (CIP), which amounts to $640 million for 2020 and $3.4 billion over the next five years, makes the trade and travel infrastructure that local industries and residents depend upon more efficient, sustainable, and durable for decades.
Maritime and economic development division budget highlights include:
- Spend $679 million over five years on capital projects across Port of Seattle and Northwest Seaport Alliance, including:
- Spending $440 million on Fishermen’s Terminal redevelopment, Terminal 117 habitat restoration, Terminal 91 Uplands development, new cruise terminal on the north end of Terminal 46, bringing clean electricity to power waterfront activities at Pier 66, and upgrading the interior of the Bell Harbor Conference Center. The CIP also includes $107 million of additional funding primarily for preservation of critical maritime infrastructure.
- Investing $184 million over the next five years in the Northwest Seaport Alliance capital program, which includes modernizing Terminal 5 to make it one of the most efficient container terminals on the West Coast.
- Funding $55 million of other projects including channel deepening in the Seattle Harbor.