Waterfront improvement district a fair way to fund necessary upgrades

This post originally appeared in the Puget Sound Business Journal’s “Wright on Center” column on June 22, 2018.

Seattle is on a path to become a world-class city, joining the ranks of Paris, New York, and London. This title will not be simply bestowed upon us — it has to be earned by taking smart risks to invest in our future.

The Seattle City Council will soon decide the fate of our waterfront by voting on the creation of a Waterfront Local Improvement District (LID). 

The question before them: Will we have only a simple road and a wide sidewalk along the waterfront once the viaduct is removed, or will we have a 26-acre park, with picnic and concert areas, bike and walking paths that will reconnect our waterfront to the city, and create a critical natural beach habitat to improve the nearshore ecosystem?

The latter can only happen if the Seattle City Council moves forward with the LID, which provides the last portion of the funding for the park — and will also allow for $100M in philanthropic funding to occur.

 LIDs are fair funding mechanisms that assess local residents and businesses for local benefits. A vibrant and connected waterfront will undoubtedly raise the property values adjacent to the waterfront in areas of downtown and areas that are reachable on foot from the downtown corridor.

The proposed LID would assess a portion of that increased value to help build the Waterfront Park. 

The median assessment for condo owners is $2,400. They have the ability to pay over time — 20 years with a modest interest rate — which brings this assessment down to about $10/month. They also have the option to appeal. 

The only question is, “Why wouldn’t we do this?”

LIDs are not new to Seattle, which has a long history of using this funding mechanism to make strategic, long-term investments. 

Today, it’s hard to imagine Seattle without the Denny Regrade of 1910 (known now as Belltown), the Aurora Bridge of the 1930s or the Third Avenue Transit Tunnel of 1992. All were made possible by LIDs.

The proposed Waterfront Park will have lasting impact with a sustainable funding source.