EVERETT—The Port of Everett Commission has adopted a $73.2 million 2025 operating and capital budget that continues to implement the Port’s Strategic Plan and overall vision of a vibrant and balanced working waterfront.
The Port’s 2025 budget and financing plan considers anticipated financial implications resulting from current economic factors, including interest rates and trade markets. It also positions the Port to address the significant opportunities before it to support economic development and jobs, while being mindful of the needs of current operations.
CLICK HERE TO VIEW THE PORT’S 2025 CITIZEN BUDGET GUIDE FOR FULL DETAILS
The budget includes a one-year operating and capital budget, and a five-year capital budget forecast and funding plan. It sets the financial framework for the Port to continue to deliver a balanced waterfront and economic portfolio that supports and enhances regional maritime assets and commerce at the urban deep-water Seaport and brings new mixed-use amenities to the destination waterfront.
The plan includes 31 projects, 29 of which are included in 2025 to advance the Port’s Strategic Initiatives. The capital plan places high emphasis on greening the Seaport, continuing to build out destination retail and restaurants at Waterfront Place, recapitalizing and upgrading Marina facilities, exploring economic development opportunities in the Port District, including redevelopment efforts at the Mukilteo waterfront, and continuing to address legacy contamination at the waterfront through environmental cleanups.
These initiatives have been adopted by the Port Commission and influence the long-term financing, as well as allocation of staff resources.
The 2025 budget assumes uses of funds consisting of $45.6 million in operating/non-operating expenditures, combined with $27.6 million in capital investment.
The budget provides funds to operate and manage a full-service international seaport, the largest public marina on the West Coast and nearly 3,300 acres of property.
The Port Commission held numerous public meetings to discuss the budget and opened a formal public hearing at its Commission meeting on Nov. 5, 2024. The public hearing included a week-long public comment period, prior to budget adoption at the Special Port Commission meeting on Nov. 13, 2024. No public comments were received during the public hearing.
About the Port of Everett’s Capital Improvement Plan
The 2025 – 2029 Capital Improvement Plan continues to develop the waterfront as a place of commerce, as well as a place for citizens and guests to recreate. The plan includes work on 31 projects that advance the Port’s Strategic Plan by:
- Investing in maritime infrastructure to support the efficient movement of commerce through the Seaport, while also greening the supply chain
- Building out public infrastructure and mixed-use elements at Waterfront Place, including new destination retail and restaurant pads at Fisherman’s Harbor, and moving into development for the second phase at the Millwright District
- Continuing to recapitalize and upgrade Marina infrastructure, including fuel dock replacement and reconfiguration, covered moorage upgrades and more
- Exploring new economic development opportunities, such as waterfront redevelopment planning efforts in Mukilteo, and
- Systematic cleanup of legacy contamination along the waterfront as part of the Puget Sound Initiative
Each of these efforts requires significant investment from the Port, proposing $98.6 million in capital investment through 2029. This builds on the $37 million budgeted for capital investment by the Port in 2024, which funded key projects from Pier 3 electrification planning at the Seaport to breaking ground on two retail buildings at Fisherman’s Harbor ‘Restaurant Row’ to bring six new dining experiences to the waterfront and advancing the Millwright Loop Road project to build out the roads, utilities, Marina parking lots, esplanade expansion and vistas in the Millwright District at Waterfront Place.
Other capital accomplishments in 2024 included completing the Remedial Investigation and Feasibility Study for environmental cleanup at the former Weyerhaeuser Mill A site, the new Marina Maintenance shop rebuild, completion of the Marina Fuel Tank relocation and initial work on the new Marina Fuel Dock rebuild/reconfiguration project.
About the 2025 Port Property Tax Levy
The Port’s 2025 budget assumes a property tax levy amount of $5.5 million, which equates to 7.6% of the Port’s total budget. Port taxes are ONLY used to fund capital projects, public access and environmental remediation. They are not used for any operating costs, including staff salaries or benefits. The Port represents one of the lowest taxing entities in Snohomish County representing just over 0.3 percent of the tax bill. The Port will assess a millage rate of approximately .1846 cents per assessed $1,000 home/property value in 2025.
For more information, contact Kate Anderson, Port of Everett Media & Marketing Coordinator atkatea@portofeverett.com.
SOURCE: Port of Everett
Author: Lynnwood Times Staff
