As of last week, downtown Seattle property owners can now view their properties’ special benefits and preliminary assessments via the Waterfront Seattle LID (Local Improvement District) property search tool. The website provides owners an initial idea of what amount of funding the city will collect for the Waterfront Seattle rebuild project. According to Seattle Waterfront, “LID is a funding tool, governed by state law, by which property owners pay to help fund the costs of public improvements that directly benefit their property.”
In May the Seattle City Council is expected to consider a “resolution of intent” to form the LID. At that time property owners will receive letters notifying them of their preliminary assessment amounts. Should the Council pass the resolution, property owners can then submit a protest of the LID formation.
The assessment was conducted by an independent real estate appraiser. During the study approximately $414 million worth of special benefits were identified in the LID study area (beginning at Wall Street downtown and ending at the stadiums south of Pioneer Square).
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 estimates that the city and state will be responsible for $388 million of the $688 million project. An additional $100 million will be funded by public philanthropy. That leaves the remaining $200 million to the proposed LID.
The estimated completion date for the Waterfront Seattle rebuild is first quarter 2023.