SEATTLE (AP) - Seattle approved a $160 million component of its plan to redevelop the city’s central waterfront, as the City Council approved a special tax on downtown property owners.
The Seattle Times reports the Council voted 8-0 to Monday create a Local Improvement District (LID) to help pay for a new waterfront park, tree-lined promenade and pedestrian ramp up to Pike Place Market.
Seattle’s broader plan for the waterfront after the demolition of the Alaskan Way Viaduct has a $712 million price tag, with the city, state and philanthropists chipping in. It also includes a new Alaskan Way, a landing where the Seattle Aquarium intends to build a new pavilion and street improvements.
Authorized by state law, LIDs allow cities to generate money for infrastructure projects by assessing nearby property owners whose property values stand to increase as a result.
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