The Port of Seattle Commission is considering Resolution No. 3822, which would authorize the issuance of up to $325 million in general obligation bonds in 2024 to fund approximately $200 million in capital improvements at Seattle Harbor maritime facilities and refinance about $103.8 million in outstanding 2015 bonds. Key projects targeted for funding include redevelopment of Terminal 91 berths, the Maritime Innovation Center at Fishermen's Terminal, and various container terminal upgrades. Bond debt service would be paid through the Port's tax levy, with an expected present value savings of approximately $3.6 million from the refinancing.Open full document
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This Commission agenda memorandum requests introduction of Resolution No. 3822, authorizing the Port of Seattle to issue up to $325 million in Limited Tax General Obligation (LTGO) Bonds for 2024. Approximately $200 million will fund capital improvements in Seattle Harbor and maritime industries, while an estimated $103.8 million will refund outstanding 2015 LTGO bonds to generate debt service savings of approximately $3.6 million. The bonds will be issued in multiple series based on tax status and sold through a competitive sale process.