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WATERFRONT LOCAL IMPROVEMENT DISTRICT Key Facts and Figures The Waterfront Seattle Program has multiple funding sources. A proposed Local Improvement District (LID) is one piece of the funding mix for the waterfront, along with City and State funding and private philanthropy. WHO PAYS FOR THE WATERFRONT? State taxpayers $193M C O MMERCIA L City taxpayers 1,500+ properties $249M + $400M (Seawall Project) $140M (87.5%) Commercial properties Philanthropy include office, hotel, retail, institutional, parking and $110M residential apartments Downtown properties (Local Improvement District) $160M CONDOS 4,600+ condos $20M (12.5%) TOTAL LID FUNDING: $160M WHAT WOULD THE TYPICAL PROPERTY OWNER PAY? DO O N W O N *Interest rate would be C E based on the LID bond R OR rates, determined at $95 the time they are sold, $1,900 PER YEAR $8 and other costs of the or MEDIAN ONE-TIME + INTEREST * PER MONTH financing ASSESSMENT FOR 20 YEARS M E RCIAL M O O W C N $295 OR E R $5,900 or PER YEAR $25 + INTEREST* MEDIAN ONE-TIME PER MONTH ASSESSMENT FOR 20 YEARS Commercial properties include office, hotel, retail, institutional, parking and residential apartments Only property owners would be subject to the LID. If landlords choose to pass assessment costs on to apartment tenants, how much would the typical apartment rent increase? OR $52 $1,040 or PER YEAR $4 MEDIAN ONE-TIME + INTEREST * PER MONTH ASSESSMENT PER APARTMENT UNIT FOR 20 YEARS These assessments are preliminary and will be updated as part of a final special benefit study, currently estimated to be completed in 2019 should the LID be formed. WATERFRONT LOCAL IMPROVEMENT DISTRICT Key Facts and Figures WHAT IS THE RANGE OF ASSESSMENTS? 2000 CONDOS Over 70% of assessments are less than $5,000 1800 95% of assessments are less than $20,000 1600 S E TI 1400 R E P O R 1200 P F O R 1000 E B M U N 800 600 400 200 0 0 K K K K K K K K K K K K K K K K K K K K K $ 1 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 0 $ $ $ $ $ $ $ $ $ 1 1 1 1 1 1 1 1 1 1 2 2 $0 - 1K - 2K - 3K - 4K - 5K - 6K - 7K - 8K - K - $ K - $ K - $ K - $ K - $ K - $ K - $ K - $ K - $ K - $ K - $ > $ $ $ $ $ $ $ $ $ 9 0 1 2 3 4 5 6 7 8 9 $ 1 1 1 1 1 1 1 1 1 1 $ $ $ $ $ $ $ $ $ $ ASSESSMENT AMOUNT 1000 COMMERCIAL 900 Over 60% of assessments are less than $20,000 About 80% of assessments are less than $100,000 800 Commercial properties S 700 include office, hotel, E I retail, institutional, parking T R and residential apartments E 600 P O R P 500 F O R E 400 B M U N 300 200 100 0 0 K K K K K K K K K K K K K K K K K K K M M $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 $ $ 1K - $ K - $1 K - $1 K - $2 K - $2 K - $3 K - $3 K - $4 K - $4 K - $5 K - $5 K - $6 K - $6 K - $7 K - $7 K - $8 K - $8 K - $9 K - $9 50K - > $ 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 9 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 5 0 $ $ 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ ASSESSMENT AMOUNT These assessments are preliminary and will be updated as part of a final special benefit study, currently estimated to be completed in 2019 should the LID be formed. WATERFRONT LOCAL IMPROVEMENT DISTRICT Key Facts and Figures DEFERRAL OPTIONS FOR PROPERTY OWNERS STATE OF WASHINGTON CITY OF SEATTLE PROGRAMS PROGRAM SE N IO R S AND DISABL L O W-INCOME E C O N O MIC HARDSHI E ¢ ¢ P D ¢ ¢ ! $ ¢ ¢ You can defer You can defer You can defer 100% 50% 100% of payments of payments of payments for 20 years* if: for 20 years* if: for 2 years* if: You are the owner of record You are the owner of record You are the owner of record + + for at least 5 years + Your combined income is Are at Your household < $45,000 200% disposable income is + you are age 60 or older of the poverty level < $57,000 (57 or older if a surviving spouse) for your family size OR Your combined income is < $45,000 + you are retired by reason of disability *Payments will be subject to interest. Principal and accumulated interest due upon sale or change of ownership, or at end of deferral term. WATERFRONT SEATTLE PROGRAM FUNDING January 3, 2019