Seattle air/sea ports set aside nearly $1 billion for 2005

Seattle air/sea ports set aside nearly $1 billion for 2005    The port of Seattle commission has approved a budget of close to $1 billion for 2005. The budget includes $954 million worth of planned operating and capital expenditures at the air and sea ports.
   The capital budget is $739 million, to fund ongoing work on the third runway at Seattle-Tacoma International Airport and completion of the airport’s Central Terminal Expansion project.
   The commission also committed itself to fixing the Alaskan Way Viaduct. No figure was set for the port’s contribution to replacing the viaduct, but the commission reported that steps have been taken to reserve future capital capacity that could be used to support the viaduct project.
   Commissioners also voted to remove several projects from the 2005 capital budget, including participation in the expansion of the Meydenbauer Center, a fourth cruise ship berth and involvement in the redevelopment of Colman Dock. “The projects were eliminated because they did not meet the Port’s criteria for return on investment and to reserve capital capacity for the viaduct,” the commission said in a statement.
   The port’s capital projects are supported in part by a tax levied on all properties in King County. The commission set the levy at $62.7 million, a rate of 25.39 cents per $1,000 assessed valuation.