This week the Seattle City Council passed a resolution by a vote of 8-0 declaring their intention to order the construction of the Seattle Central Waterfront Improvement Program and to create the Local Improvement District (LID). The LID is a funding tool where “property owners pay to help fund the costs of public improvements that directly benefit their property.”
The LID would raise $200 million of the estimated $688 million needed to fund the Waterfront Seattle projects. Of the $200 million, commercial properties (office, hotel, retail, and apartment buildings) would pay about $175 million. Meanwhile, condo properties would pay about $25 million. The state would contribute $193 million, the city of Seattle $195 million, and $100 million via philanthropy.
Overlook Walk (Waterfront Seattle)
The Waterfront Seattle rebuild project includes:
- 20 acres of new and upgraded public space
- Improved pedestrian and vehicular connections between Elliott Bay and the surrounding neighborhoods
- New surface streets along Alaskan Way and Elliott Way (following the removal of the Alaskan Way Viaduct)
- Rebuilding of the Marion Street bridge
- Construction of the Overlook Walk, connecting Pike Place Market to the waterfront
- Seattle Aquarium expansion
- Pike/Pine Renaissance
- The restoration and reinstallation of the Washington Street Boat Landing Pergola
- The Seawall Project
Waterfront Seattle
The property owners affected by the proposed LID are within the boundaries stretching from Belltown to SoDo, and between the waterfront and I-5. Last month property owners were able to view their properties’ special benefits via the property search tool.
The city will begin holding public hearings in July about the formation of the LID. The hearings will be conducted by the Seattle hearing examiner rather than the council. After the hearings the council will consider an ordinance that would create the LID. Opponents would then have the opportunity to protest. Within 30 days, property owners representing $120 million (60 percent of the $200 million) would need to protest the LID to vote it down.
Should a protest fail, the council would then move onto legislation setting payment amounts for each property. Prior to that would be time for individual appeals. If the LID is created, collections could begin as early as 2020.
The estimated completion date for the Waterfront Seattle rebuild is first quarter 2023.
LID Hearing Dates
Friday, July 13
9 AM – 1 PM, 2 – 6 PM
Washington State Convention Center, Ballroom 6E
Tuesday, July 17
5 – 9 PM
Seattle City Hall
Wednesday, July 18
5 – 9 PM
Seattle City Hall
Saturday, July 28
9 AM – 1PM
Seattle City Hall