The vision for the Waterfront Seattle Program will be delivered over time and in phases. In addition to the schedule below, the waterfront projects can also be viewed on our interactive map.
The charts below illustrate the anticipated 2018 budget and funding sources for Waterfront Seattle. The final 2018 budget and funding sources are pending the City Council budget process in fall 2017. Seawall Project budget and funding sources are tracked separately.
Local Improvement District (LID)
The Waterfront Strategic Plan identifies a LID as a key component of the funding strategy. A LID is a funding tool by which property owners financially contribute to a project that will increase the value of their property.
First, a special benefit study is conducted by an independent appraisal firm to determine the LID boundary, and the before and after values of each property in the study area. Then, each property within the study area that is expected to experience a value increase as a result of the project will be asked to pay a portion of that increase to fund the project. LIDs are used frequently by cities and local jurisdictions to fund public projects in the State of Washington and are governed by specific state and local laws.
At this time, it is anticipated that the process to form a LID will begin in 2018. Many months before LID formation, the City will conduct extensive outreach to property owners and other stakeholders. Contact us if you would like more information about the LID.