A Port of Seattle development presentation slide summarizing the financial metrics for the Des Moines Creek West project, showing 19.8 developable acres, 402,380 SF of building area, a stabilized annual income of $3,575,048, NPV of $60,025,605, total cost basis of $5,340,000 (including a $690,000 Tract C purchase and a $2,900,000 WSDOT property acquisition in July 2021), IRR with Tract C of 10.5%, and an 18-month payback period from stabilization. The slide includes an aerial map identifying the Des Moines Creek Business Park and Des Moines Creek West parcels near S 211th St and 20th Ave S, adjacent to Sea-Tac Airport.

Notes

A Port of Seattle development presentation slide summarizing the financial metrics for the Des Moines Creek West project, showing 19.8 developable acres, 402,380 SF of building area, a stabilized annual income of $3,575,048, NPV of $60,025,605, total cost basis of $5,340,000 (including a $690,000 Tract C purchase and a $2,900,000 WSDOT property acquisition in July 2021), IRR with Tract C of 10.5%, and an 18-month payback period from stabilization. The slide includes an aerial map identifying the Des Moines Creek Business Park and Des Moines Creek West parcels near S 211th St and 20th Ave S, adjacent to Sea-Tac Airport.

Sidebar On/Off

As the source for federal transportation grants, the Puget Sound Regional Council was charged with developing a system to meet the growing need for commercial aviation. When the search for a second airport failed, they authorized the Port of Seattle to build the Third Runway, with a mandate to develop a noise abatement and mitigation program. In their effort to stop the Third Runway, the ACC argued over every detail of the Port's efforts--including property buyouts and sound insulation. The dispute was meant to be settled by a three member Expert Arbitration Panel. This is their final report. It finds 2-1, that the Port's program was insufficient in several respects. Despite that, funding for the Third Runway was approved by the PSRC, and the 'Port Package' program, proceeded largely unchanged. Expert Arbitration Panel's final decision finding that the Port of Seattle had not shown sufficient reduction in real on-the-ground noise impacts to satisfy noise reduction conditions required for approval of a third runway at Sea-Tac International Airport. The majority decision concluded the Port's noise abatement programs were insufficient despite being impressive in scope.

continue...

V V

Notes

Message